Coinbase integrates Brazil's payment system, enables crypto purchases with reals

Coinbase Global ( NASDAQ: COIN ) said Tuesday that it has integrated Pix, the Central Bank of Brazil's instant payment platform, and started enabling cryptocurrency purchases with reals, according to a blog post. The crypto exchange's customers in Brazil, a crypto-friendly country, will also be able to withdraw Brazilian reals. Prior to the move, users in the nation were only allowed to buy crypto using credit cards. Coinbase ( COIN ) already has a strong presence in Brazil, having developed a technology hub in the country in 2021, with engineering talent developing crypto and web3 technologies, it said . COIN climbed 6.7% in early afternoon trading as bitcoin ( BTC-USD ) came under some buying pressure in the runup to the Federal Reserve's interest-rate decision on Wednesday. Despite surging over 120% since the start of 2023, SA contributor Josh Arnold thinks COIN is still a Buy as bitcoin's ( BTC-USD ) "bull case is strengthening in a big way."