The third largest cryptocurrency exchange by volume, Huobi, appears poised to enter the Brazilian market – with local reports indicating that the company has established an office in São Paulo, in addition to seeking to hire local talent. The interest in Brazil’s market comes at a time of peak interest in cryptocurrency among Brazilian citizens, according to reports.
Huobi Expected to Enter Brazilian Cryptocurrency Markets
Local media is speculating that Huobi, the third largest cryptocurrency exchange by trade volume, is readying itself to discreetly enter Brazil’s virtual currency markets.
The speculation appears to be informed by multiple events, including accounts that Huobi representatives were witnessed handing out business cards during the recent “Bitconf VI São Paulo” conference. The company has also been in contact with notable figures in Brazil’s cryptocurrency sector and has established an office in the major municipality and Brazilian financial hub of São Paulo, according to reports.
Additionally, the company has been spotted advertising job positions specific to the Brazilian market via LinkedIn. Currently, Huobi is seeking to hire two new staff based in the Sao Paulo area – a Chief Compliance Officer, and a Digital Marketing Manager.
An entrance into Brazil’s cryptocurrency industry on the part of Huobi is expected to comprise a significant event for Brazil’s virtual currency markets – with data from Cryptocompare estimating the combined 24-hour volume trading volume of Brazil’s leading exchange (approximately $3.15 million BRL, or $840,000 USD) to equate to approximately 0.68% of the roughly $122.5 million USD worth of BTC/USDT that was traded on Huobi during the same time period.
Brazilian Cryptocurrency Adoption on the Rise
Brazil’s cryptocurrency user base appears to have grown considerably in just a few years, with Brazilians estimated to have moved approximately $2.4 billion in bitcoin during 2017 – a 1,400% increase from the $160 million estimated to have been moved by Brazilians in 2016.
Eduardo Ferreira, the head of international business development in London for the Brazilian cryptocurrency exchange Foxbit, recently stated that “the guys who used to hide dollars under their mattresses, now they are hiding it in Bitcoin.”
Mr. Ferreira added that Brazilians of all demographics are purchasing bitcoin, stating “It’s students buying it. It’s 60-year-old bus drivers.”