KuCoin will also launch trading pairs for other fiat currencies in the near future.
KuCoin has launched support for fiat trading pairs, marking a significant step in expanding its fiat-to-crypto trading services.
The cryptocurrency trading platform picked the Brazilian Real (BRL) as the first supported fiat currency available on the exchange’s spot market.
By adding BTC/BRL, ETH/BRL, and USDT/BRL to its spot market, KuCoin will provide liquidity and security to cryptocurrency investors making real-time exchanges between cryptocurrencies and BRL.
Johnny Lyu, Chief Executive Officer at KuCoin, stated: “As an early participant and accelerator in the crypto industry, KuCoin is committed to leveraging cutting-edge technologies and innovative products to bring blockchain and crypto to the masses, and KuCoin’s support in fiat trading pairs marks a big step toward this. Also, providing a secure, stable service between fiat and cryptocurrencies will bring a better experience to crypto users, which is crucial for crypto mass adoption. With support for more fiat trading pairs, KuCoin will become the best place to explore the crypto world with fiat for global users.”
Adding BRL trading pairs is part of KuCoin’s strategy to expand vigorously in the Brazilian market.
On March 23, KuCoin supported PIX&TED, the bank transfer payment method launched by the Brazilian Central Bank, to allow its users to deposit BRL on KuCoin’s official website for purchasing cryptocurrency through its ‘Fast Buy’ channel directly.
Now, KuCoin became the first crypto exchange to support BRL transfers via PIX after the introduction of a new Central Bank policy. To provide better fiat-to-crypto trading services and accessibility for its global users, KuCoin will also launch trading pairs for EUR, RUB, and other fiat currencies in the near future.
KuCoin launched in 2017, with its operational headquarters in Seychelles, and is now offering more than 700 digital assets available in spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 18 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion.
Last month, KuCoin partnered with Pyth network to provide real-time prices of trading pairs listed on the cryptocurrency exchange to the Solana-powered Oracle solution.
Pyth Network was designed to provide trusted and verifiable market data to decentralized applications and KuCoin joined the network to bring crypto market prices fully on-chain as Pyth is focused on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely.