Brazilian Exchange Bitpreco Expands Into Banking Services;  Betting on Cashback to Counter Crypto Fears – Exchanges Bitcoin News

Brazilian Exchange Bitpreco Expands Into Banking Services; Betting on Cashback to Counter Crypto Fears – Exchanges Bitcoin News

Bitpreco, a Brazilian cryptocurrency exchange, has decided to expand its functionality to offer banking services through a new platform called Bitybank. The company, which will also open payment and digital account services, plans to attract users to crypto through cashback programs that ease the fear of users buying cryptocurrencies in the current uncertain market.

Bitpreco launches banking services through Bitybank

While several traditional banking institutions are now offering or considering offering cryptocurrency-related services in Brazil, cryptocurrency applications are also trying to incorporate traditional financial instruments into their portfolio of services. Bitpreco, a Brazilian exchange, is now expanding its services to offer banking features. The company is one of the largest in Brazil, accounting for 13% of all bitcoin transactions in the past three months.

Ney Pimenta, one of the partners at Bitpreco, explained that these new services, including payments, digital accounts and even credit cards, will be offered through a new app called Bitybank. The purpose of this inclusion is to drive more users to crypto by offering less niche-oriented services. On this, Pimenta explained:

Digital banking was a great success in Brazil. It is an extremely easy way to bring users to the crypto world with a full-service experience where they can buy, sell, withdraw, deposit, exchange for other assets and experience DeFi, with the same ease of investing in savings.

The company predicted a 50% increase in its user base with this move, having already recorded a fivefold increase in user registrations between 2020 and 2021.

Cashback as an adoption premium

Pimenta is aware of the current state of the market, which is facing the demise of FTX, one of the largest cryptocurrency exchanges in the world. This has led the company to invest in strong cashback programs to get people into crypto through rewards.

Explaining how to overcome customer fear even in today’s cryptocurrency market, Pimenta stated:

Many people are afraid of buying cryptocurrency, but they wouldn’t have the same fear if they won this cryptocurrency. It’s a way to bring that mass into this universe.

While Pimenta explained that Bitpreco wants to have the best cashback program on the crypto market, he did not provide any further details about the structure of this plan. However, he did say the institution could include bitcoin, ether and solana among the currencies offered as rewards to customers using cards issued by the company.

Tags in this story

Bitcoin, Bitpreco, Bitybank, Brazilian, Cashback, Cryptocurrency, Digital Bank, Ether, Exchange, Fear, ftx, Ney Pimenta, Solana

What do you think of Bitpreco and its strategy to boost cryptocurrency adoption? Tell us in the comments below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as late in the game, he entered the cryptosphere when the price surge happened in December 2017. With a computer engineering background, living in Venezuela and influenced by the cryptocurrency boom on a social level, he offers a different point of view on the success of crypto and how it helps the unbanked and underemployed.

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