OKEx, one of the giants in the cryptocurrency exchange industry, formally announced its strategic partnership with Brazil’s CuboPay, a seasoned payment processor in the country that has already made a name for itself.
With the collaboration between the two companies, OKEx users can now use fiat currency Brazilian Real to purchase the crypto tether through PIX.
PIX, launched by Central Bank of Brazil in November last year as a response to the competition of the use of digital currencies in the country, is an instant payment system that features a 24-hour operation with speeds of up to 10 seconds for mobile apps, internet banking, and ATMs.
Putting trust in PIX
Central Bank of Brazil President Roberto Campos Neto has always believed in the potentials of PIX serving as a response to new digital payments systems such as cryptocurrencies.
“PIX came from a need for people to have a payment instrument that is cheap, fast, transparent and secure,” the central bank big boss said.
Meanwhile, the financial institution has also joined the worldwide movement of central banks to develop their respective digital currencies. In fact, in August last year, it set up a team dedicated to determining the upsides of introducing a digital variant of the Brazilian Real.
OKEx has been very busy
In advancing its game in the decentralized finance (DeFi) sphere, the cryptocurrency exchange has been very busy, making notable moves before partnering with CuboPay to facilitate tether purchases.
On May 14, as a result of its community voting procedure, the platform has decided to list two meme tokens in AKITA and KISHU. Just like dogecoin, both digital assets are dog- themed and as it would appear, the crypto exchange is taking part in what is being termed as “meme-ification” of the monetary system.
In providing a way for users to finally use Real to purchase tether, OKEx is once again taking its game a notch higher.
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