Brazil Crypto Report

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOla pessoal! I had the chance to catch up with Sthefano Batista at Merge Sao Paulo. Sthefano is Head of Latam at Figment, which is the world’s largest provider of institutional staking services with more than $18 billion in assets staked. Figment counts BlackRock, Nubank, and Robinhood among its clients, and is responsible for 5 to 6 percent of all Ethereum validated globally. Why Institutions Are Embracing StakingFor traditional finance, digital asset staking is a genuinely new concept. It is not a bond. It is not a dividend. The yield comes from supporting the network itself, and the risk profile is fundamentally different from anything in a legacy portfolio.What has resonated with institutional clients, Sthefano explains, is precisely that difference. Staking on a network like Solana or Ethereum, done correctly through a non-custodial provider, means client assets never leave their wallets. Figment never touches private keys. If Figment disappeared tomorrow, clients would still have their assets.That can be a hard pitch to make to compliance teams. But once it lands, it tends to land well.The Edge Is in the DetailsFigment’s positioning is not built on offering the highest yields. It is built on risk-adjusted performance, and that distinction matters.The firm has a dedicated protocol team that vets every network before onboarding it, monitors governance and inflationary changes, and helps institutional clients understand what updates like Solana’s FireDancer mean in practice. They have never had a slashing event in their history. When you are validating 5 percent of all Ethereum, you do not take shortcuts.Brazil as a Test Case for Regulated StakingBrazil’s updated VASP framework, revised last November, has created one of the clearest regulatory environments for staking anywhere in the world. For Figment, that has been a genuine business accelerant, giving Faria Lima institutions the confidence to move from curiosity to commitment.Sthefano frames it well: the blockchain is global, but how Brazil thinks about investment risk, inflation, and wealth protection is distinctly local. You need people on the ground who understand both.Key Takeaways* Figment manages $18B in staked assets and validates 5 to 6% of all Ethereum* Non-custodial staking means client assets are never held by Figment* Brazil’s VASP regulation has created a clear, compliant path for institutional staking* BlackRock and Nubank are among Figment’s publicly confirmed clients* Figment just launched a USDC yield product and is expanding across the AmericasRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOla pessoal!At Merge São Paulo, I caught up with Rodrigo Coelho, CEO of Edge & Node, which is the original team behind The Graph protocol.We talked about one of the most exciting intersections in tech right now: agentic commerce and the future of blockchain-powered payments.Rodrigo was born in Brazil, and his family moved to the US when he was young. His path into Web3 started the way a lot of great origin stories do, by accident. Working out of a San Francisco co-working space in 2016, he struck up a friendship with Yaniv Tal, who was building the pitch deck for what would become The Graph.A few years later, Rodrigo was the team’s first hire. He has been with them ever since, taking over as CEO just over a year ago.For the uninitiated, The Graph is the indexing and querying layer that sits beneath much of Web3. If you have ever interacted with a decentralized application, you have almost certainly used it without knowing it.Edge & Node recently launched AMP, a new product that modernizes that infrastructure for institutional use. It offers cryptographic data verification, cross-chain compatibility, and a predictable flat-fee pricing model that banks and financial institutions are finding increasingly attractive as their API costs spiral.The part of our conversation that really stood out was the discussion around agentic commerce.As AI agents become capable of executing real-world tasks autonomously, they need a way to pay for things. A rational agent is not going to choose a payment rail that charges a 3% fee and requires KYC when it could settle a transaction for a thousandth of a cent using stablecoins. That calculus is not even close.Edge & Node has been working on micro-payment infrastructure since 2021. When Coinbase’s X402 standard launched, they jumped on it immediately, contributing a deferred payment scheme that allows nano-payments to be batched and settled on-chain in bulk.It is exactly the kind of boring-but-essential plumbing that makes a new financial system actually work.We also got into the competitive landscape, whether Visa and MasterCard can reinvent themselves before crypto rails make their fee extraction model obsolete, and why the stablecoin wars may not produce a single winner.Key Takeaways:* The Graph quietly powers much of Web3 data infrastructure, and Edge & Node’s new product AMP brings that technology to institutional players with compliance and cost predictability built in* AI agents will gravitate toward crypto payment rails naturally since they cannot easily KYC, and the fee difference vs. traditional rails is not even a contest* Ephemeral virtual cards are a short-term bridge for agentic commerce, but agent-to-agent crypto payments are where things are heading fast* The stablecoin landscape is unlikely to produce one winner; expect a fragmented but interoperable ecosystem, much like traditional banking today* Visa and MasterCard are paying close attention, but their 3% fee model faces a serious structural threat as X402-style rails go mainstreamGive it a listen!Have a great week everyone,-AWSBrazil Crypto Report is presented byFigment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOla pessoal!If you want to understand where the blockchain talent market is heading, talk to a recruiter. They’re always six months ahead of the news cycle.Owen Healy of Owen Healy Blockchain Talent proves the rule.The Ireland-based blockchain headhunter has spent five years placing developers, BD professionals, DevRels, and marketers at some of the most promising projects in the space. With 50,000 LinkedIn followers and a track record of successfully placing Brazilian talent at global crypto firms, Owen brings a ground-level perspective on where the industry is hiring, who it’s hiring, and why Brazil keeps coming up as one of the most exciting talent pools in the world.BCR is excited to be a media partner for Merge Sao Paulo next week. Shoot me a note if you’re going to be around want to catch up! Key takeaways from the episode:* The blockchain job market is growing up. The early days of hiring only developers and BD folks are over. Product managers, legal professionals, and candidates with traditional finance backgrounds are now in high demand as crypto projects move from experimentation into operational maturity.* TradFi talent is finally making the jump. Wall Street professionals who were curious about crypto but reluctant to give up salary and benefits are finding it easier to transition now — as more institutional-grade firms enter the space and offer risk profiles that actually suit them.* Brazilian talent punches above its weight. Owen consistently highlights Brazilian candidates for their strong engineering skills, clear communication, honesty about their experience, and competitive rates relative to North American counterparts - all while working in compatible time zones.* Remote work is getting harder to secure. Time zones matter more than they did in 2021, and hybrid models are increasingly common. The candidates who remain location-independent are those whose skills are rare enough that companies will bend the rules to hire them.* Job boards alone won’t cut it. Owen’s advice for job seekers: go “multi-chain.” Apply through official channels, but also build genuine relationships inside target companies, get internal advocates, and come to interviews prepared with competitive intelligence.* Referrals still rule. In a small industry where everyone is a second-degree connection from everyone else, a warm introduction remains the single most powerful job search tool.Have a great week everyone,-AWSBrazil Crypto Report is presented byFigment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOla pessoal!Rodrigo Trindade is an investor with Iporanga Ventures. He joins the show to discuss his groundbreaking research on local stablecoin adoption across Brazil and Latin America. As both a venture investor and consultant in the region’s crypto ecosystem, Rodrigo identified a critical gap in the market: comprehensive, reliable data tracking the growth and usage of regional stablecoins.He developed a tracking dashboard that monitors on-chain data for Latin American stablecoins on a weekly basis, capturing supply metrics, holder counts, active addresses, transaction volumes, and DeFi activity including TVL for local stablecoin pairs. This infrastructure now serves as the primary source of market intelligence for investors and builders operating in the space.Our conversation explores why local currency stablecoins represent essential infrastructure for the region’s emerging on-chain financial system. While USD-denominated stablecoins will likely maintain global dominance, Rodrigo argues that functional on-chain economies in Latin America require native currency rails. Users need to transact, borrow, and generate yield in their local currencies—not just convert everything to dollars.Key Takeaways:* Transparency gaps remain critical: The industry needs to move beyond monthly reserve attestations toward real-time proof of reserves. Rodrigo highlights partnerships like the one between Crown and Fact Finance as important steps toward better transparency standards.* Liquidity infrastructure is developing: While multiple liquidity providers and aggregators have emerged across Latin America, the market hasn’t reached maturity yet. Deeper liquidity pools remain necessary for sustainable growth.* Credit and yield are the next frontiers: Looking ahead to 2026-2027, Rodrigo identifies tokenized credit and on-chain yield products as the hottest opportunities. These building blocks will enable Latin American users to access the full spectrum of financial services on-chain.* Retail payments need refinement: While B2B crypto payment solutions have made progress, creating seamless consumer experiences for cross-border transactions and everyday payments remains an unsolved challenge.Rodrigo’s research provides rare visibility into a rapidly evolving market. For investors, builders, and institutions exploring opportunities in Latin American crypto infrastructure, his dashboard and insights offer invaluable data-driven perspective on where the ecosystem stands and where it’s headed.You can connect with Rodrigo on Linkedin and X/Twitter. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOla pessoal!Today’s episode is with John Delaney, co-founder and CEO of Crown - which has quickly become a major player in a Brazilian stablecoin market that is entering a new phase of maturity. John shares how Crown is solving what he identifies as the most acute problem in Brazil’s digital asset ecosystem: enabling institutional players to capture yield in a high interest rate environment.The Numbers Speak for ThemselvesCrown has achieved remarkable traction since launching BRLV, which is now the largest emerging market stablecoin with over 360 million BRL in circulation. The company recently closed a $13 million Series A round led by Paradigm.But what makes Crown’s approach distinctive isn’t just the capital raised or volumes achieved - it’s the architectural decisions that underpin the product.Why Brazil? Why Now?Delaney, a former Cleary Gottlieb lawyer who worked on structured finance deals including Nubank’s early credit card funding, brings deep expertise across American and Brazilian financial markets to the project.His thesis centers on three key attributes that make Brazil an ideal stablecoin market:* A trillion-dollar-plus M2 money supply* A crypto-friendly regulatory environment fostered by the Central Bank* Positive real interest rates that significantly outpace inflationThe Yield Generation AdvantageUnlike traditional stablecoin models where issuers retain all interest income generated by reserve assets, BRLV shares yield with institutional partners at what Delaney describes as “a very deep architectural level.”This design choice directly addresses the opportunity cost institutional players face when holding stablecoins in high-yield environments, a problem that doesn’t exist to the same degree in low-rate markets like the US or Europe.Security FirstBeyond yield generation, Crown has implemented what may be the most robust security structure in the stablecoin industry globally. BRLV features a bankruptcy-remote reserve holding combined with perfected legal guarantees, ensuring that token holders maintain claims on underlying assets even if Crown itself fails.This represents the first implementation of security protections outlined in frameworks like the Genius Act.An Ambitious VisionDelaney’s long-term target: one trillion BRL in circulation within ten years, representing high single-digit percentage of Brazil’s M2 money supply. He views the stablecoin market as winner-take-all, or at minimum winner-take-most, drawing parallels to the USDT/USDC duopoly.As Brazil’s stablecoin market enters a new phase of maturity, Crown’s rapid ascent offers important lessons for how institutional-grade infrastructure is being built in emerging markets.You can connect with John on Linkedin.Key Takeaways:✓ Native yield architecture – BRLV enables institutional holders to capture yield from Brazil’s high interest rate environment✓ Bankruptcy-remote structure – First global implementation of perfected legal guarantees protecting stablecoin holders✓ Market opportunity – Brazil’s trillion-dollar M2 money supply and positive real rates create optimal conditions✓ Institutional focus – Go-to-market strategy prioritizes institutional flows that drive majority of volumes✓ Ambitious scaling – Target of one trillion BRL circulation within 10 yearsHave a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOla pessoal!The era of taxation loopholes and gray areas appears to be rapidly coming to an end in Brazil. Thiago Barbosa, partner at Salles Nogueira Advogados and a crypto tax law expert, joins the show to discuss sweeping regulatory changes that will transform how Brazilian crypto holders must report and pay taxes on their digital assets.Brazil is undergoing a major compliance transformation on two fronts. First, the new DeCripto regime replaces the old Normative Instruction 1888 reporting requirements, aligning Brazil with the OECD’s Crypto Asset Reporting Framework (CARF). This isn’t just a bureaucratic update - it’s Brazil joining a global information-sharing network that enables tax authorities to exchange crypto holder data across borders. In other words, if you’re a Brazilian trading on a foreign exchange, that platform will be reporting your activity back to the Receita Federal.Perhaps the most contentious development is the Finance Ministry’s stance on applying IOF (tax on financial operations) to stablecoin transactions. Here’s the issue: IOF was created before stablecoins existed, and the current law only covers currency issued by governments - not digital representations of fiat issued by private companies like USDT or USDC. This creates a legal loophole that technically exempts stablecoins from IOF.However, the government is engaged in what Thiago calls “rhetoric warfare.” By publicly stating that IOF will apply to stablecoins, they’re using fear to discourage companies from adopting them, even though they lack the legal authority to collect the tax without Congressional action. When companies avoid stablecoins out of uncertainty, they stick to traditional fiat channels where the government collects more fees. It’s regulatory intimidation without legislative backing, and Thiago warns that the Receita may attempt to unilaterally collect IOF on stablecoin transactions anyway, forcing companies into costly legal battles to defend themselves.Key Takeaways:* Global reporting is here: Foreign exchanges must now report Brazilian user data to the Receita Federal under the OECD framework, creating an international surveillance net* Three reporting obligations: Exchanges in Brazil, foreign platforms serving Brazilian users, and individual crypto holders all face new disclosure requirements* VASP licensing gets serious: The Central Bank’s new requirements demand significant capital, compliance infrastructure, and regulatory approval to operate* IOF stablecoin limbo: The government claims IOF applies to stablecoins despite legal gaps, using fear tactics to discourage adoption while avoiding legislative process* Lifestyle monitoring intensifies: The Receita Federal is investing heavily in AI and surveillance tools to identify mismatches between reported income and actual spending patternsThe Bigger Picture: Financial Surveillance EscalatesPerhaps most concerning is what Thiago revealed toward the end of our conversation: this crypto crackdown is part of a much broader financial surveillance push by the Brazilian government. The IRS is pouring resources into tracking everything from Instagram posts showcasing luxury lifestyles to international travel patterns—all to identify taxpayers whose spending doesn’t match their declared income.As Thiago bluntly put it, the window for undeclared crypto wealth is closing fast. With international data sharing, AI-powered surveillance, and increasingly sophisticated enforcement mechanisms, the “degens” who thought they could stay one step ahead of the Receita Federal are running out of room to maneuver.The message is clear: Brazil is serious about bringing crypto into the regulated fold, and non-compliance is becoming an increasingly risky bet.You can connect with Thiago on Linkedin and InstagramHave a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance.Recent Epis

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOla pessoal! Today’s episode is with Justin Norman, founder of The Flip, to discuss his recent on-the-ground research into stablecoin adoption across Latin America. Justin has spent years documenting technology adoption in emerging markets, and his latest YouTube documentary series provides rare, unfiltered insights into how stablecoins are actually being used in the region.The Argentina ParadoxJustin’s investigation in Argentina revealed a fascinating disconnect. Despite $90 billion in stablecoin transaction volumes, visible retail adoption remains minimal. You won’t find prices listed in USDT or widespread merchant acceptance.So where are these volumes coming from? The answer lies in understanding stablecoins’ true utility in Argentina’s distorted economy. They primarily serve as store-of-value instruments and facilitate cross-border trade, rather than functioning as everyday payment methods. This reflects the reality of Argentina’s parallel exchange markets and chronic dollar shortages - conditions that create natural demand for dollar-denominated digital assets.Be sure to catch Justin’s brilliant documentary exploring stablecoins in Argentina below👇Beyond the HypeJustin’s work cuts through the prevailing narratives around stablecoin adoption. While North American and European institutions focus on shaving basis points and improving settlement times, emerging markets face fundamentally different problems: currency devaluation, capital controls, and inadequate access to global financial infrastructure.The adoption pattern Justin documented isn’t limited to Argentina. He found striking similarities between Latin American markets like Bolivia and African markets like Nigeria—countries facing comparable macro pressures including fuel subsidy issues, dollar shortages, and import-dependent economies.Infrastructure MattersOne key differentiator Justin identified: Latin America’s relatively robust payment infrastructure creates better conditions for stablecoin on-ramps and off-ramps compared to many African markets. The ability to scan a QR code and instantly convert stablecoins to local currency requires strong local payment rails—infrastructure that exists in varying degrees across emerging markets.Key Takeaways:* Real use cases differ from expectations: Stablecoins in Latin America primarily serve store-of-value and cross-border trade functions, not retail payments* Context is everything: Understanding macro conditions (dollar shortages, parallel markets, currency controls) is essential to understanding adoption patterns* Infrastructure enables adoption: Strong local payment systems make stablecoin conversion seamless, creating better user experiences* Emerging markets share common drivers: Similar economic pressures across Latin America and Africa create comparable crypto adoption patterns, though at different stagesJustin’s documentary series represents essential viewing for anyone seeking to understand genuine stablecoin adoption beyond the hype cycle.You can connect with Justin on Linkedin. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!For today’s episode I’m joined by Thomaz Teixeira, CEO of BRL1, and Ben Reid, Head of Stablecoins at Bitso, to discuss the BRL1 stablecoin project.BRL1 represents a departure from the typical competitive dynamics we see in crypto markets. Instead of each exchange launching its own stablecoin, major Brazilian platforms Mercado Bitcoin, Bitso, Foxbit, and Cainvest formed a consortium to build shared infrastructure.Despite launching just months ago, BRL1 has already achieved impressive market penetration, regularly trading as the sixth or seventh highest-volume crypto asset on Brazilian exchanges, ahead of established tokens like Dogecoin and sometimes even Solana. More significantly, BRL1 is capturing roughly half the trading volume of USDC in Brazil on centralized exchanges, a remarkable feat considering every user already had access to dollar-denominated stablecoins.What makes BRL1 particularly compelling is its focus on institutional use cases. The project is attracting significant interest from market makers and liquidity providers who need efficient rails for moving value between exchanges globally. As Teixeira explained, his background in high-frequency trading and algorithmic arbitrage positioned him to understand the friction points in cross-exchange liquidity flows, problems that BRL1 was specifically designed to address.Reid provided valuable context on the broader stablecoin landscape in Latin America, noting that institutional market makers are increasingly positioning themselves across G20 markets and seeking to onboard trusted local currency stablecoins. This isn’t speculative positioning - these players are responding to real demand from corporates conducting cross-border payments and financial institutions seeking more efficient settlement mechanisms.We also also touch on how BRL1 addresses some of the interoperability challenges that Brazil’s now-shuttered Drex CBDC project aimed to solve. By creating standardized infrastructure that connects previously siloed liquidity pools, BRL1 is demonstrating how private sector innovation can fill gaps in market infrastructure.Key Takeaways:* Consortium Model Shows Promise: Competitors collaborating on shared infrastructure can create network effects that benefit all participants and accelerate adoption* Institutional Traction Is Real: Market makers and liquidity providers are actively onboarding BRL1 for cross-exchange arbitrage and cross-border payment flows* Volume Metrics Validate Demand: BRL1’s trading volume already represents 50% of USDC’s Brazilian exchange volume despite being live for only months* Local Stablecoins Fill Market Gaps: Non-dollar stablecoins serve distinct use cases beyond currency speculation, particularly for regional market efficiency and capital flowsYou can connect with Thomaz and Ben on Linkedin. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!You surely saw that Brazil’s Central Bank released much-anticipated VASP regulations earlier this week. These rules have been in the works for three years now, and they bring significant clarity to the market and serve to (in some ways) level the playing field. To discuss what’s in these regulations, timelines and likely winners and losers, I’m joined by Carlos Eduardo Russo, CEO and co-founder of Bluegreen, and Cesar Carvalho, partner at Baptista Luz Advogados. Both Carlos and Cesar serve on the government relations team of the ABToken trade association and have been heavily involved in the rulemaking process. The VASP regulatory package comprises three primary resolutions addressing authorization requirements, operational compliance standards, and the integration of crypto assets into Brazil’s foreign exchange market. The framework represents the Central Bank’s attempt to balance market innovation with financial stability, though several contentious issues remain under discussion.Key Themes and TakeawaysAuthorization Timeline and Process* Regulations take effect February 2, 2025, with VASPs required to file formal authorization requests within nine months* A phased two-stage approval process is expected to span approximately three years from initial filing to final authorization* Companies must demonstrate operational readiness immediately upon filing, including compliance with cybersecurity, risk management, and AML obligationsCapital Requirements Create Market Pressures* Minimum regulatory capital ranges from R$11.2 million to R$37.2 million depending on the business model* Industry advocates are pushing for a phased contribution calendar allowing companies up to two years to meet capital requirements* Smaller players face significant barriers to entry, potentially consolidating market share among established entitiesLevel Playing Field—With Asterisks* All VASPs—domestic and international—must now report customer transactions to tax authorities with no loopholes* The framework addresses longstanding complaints from local exchanges about uneven compliance standards* However, concerns persist about regulatory advantages favoring traditional financial institutions (”TradFi”) over new VASP entrantsForeign Exchange Market Integration* Stablecoin transactions are now formally incorporated into Brazil’s regulated FX market* VASPs face stringent reporting requirements aligned with traditional FX brokers* This legitimizes crypto-based cross-border payments within Brazil’s regulatory frameworkThe regulations represent a conservative, iterative approach from the central bank, which has signaled openness to continued industry dialogue. For stakeholders, the coming months will be critical as firms assess their compliance pathways and the industry advocates for refinements to ensure genuine competitive parity across all market participants.You can connect with Carlos and Cesar on Linkedin. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Today’s episode is with Paulo David, CEO and co-founder of AmFi, one of Brazil’s leading real-world asset tokenization platforms. Paulo is a serial entrepreneur who previously built and sold two major Brazilian fintechs - including Grafeno, which has processed over US$18 billion in transactions. He brings invaluable insights into how blockchain technology can transform the country’s capital markets.The Opportunity: Brazil’s “Most Attractive Export”Paulo frames Brazil’s challenge succinctly: the country maintains the world’s second-highest interest rates, yet global investors remain largely absent from its private credit markets. While foreign capital flows freely into Brazilian equities, commodities, and venture investments, the private credit sector remains inaccessible due to complexity, lack of transparency, excessive intermediaries, and the absence of secondary markets. AmFi aims to bridge this gap by creating a standardized, transparent platform that connects Brazilian yield with global capital.Market Scale and Growth TrajectoryThe numbers tell a compelling story. Brazil’s capital markets have exploded from $20 billion to $150 billion in recent years, growing at approximately 40% annually with projections to reach $500 billion in the coming years. Yet a stark disparity remains: Brazil’s economy is 13 times smaller than the United States, but its private credit market is 56 times smaller. In Brazil, roughly 80% of business financing flows through traditional banks, while in the US, capital markets dominate - a dynamic Paulo sees shifting rapidly.Infrastructure Solutions Through TechnologyDrawing from his experience at Grafeno, where his solutions touched nearly 40% of all capital market assets in Brazil, Paulo identified critical infrastructure gaps that blockchain uniquely addresses. Unlike developed markets where technology provides incremental improvements, in Brazil it solves fundamental structural problems around transparency, automation, and market access.Expansion and Economic ImpactAmFi’s near-term strategy focuses on consolidating its Brazilian presence while targeting distribution partnerships in Southeast Asia and the Middle East - regions with advanced digital asset adoption and appetite for emerging market yield. Paulo emphasized that increased foreign participation will drive competition, reduce spreads, and ultimately lower borrowing costs for Brazilian businesses, creating positive ripple effects throughout the economy.Key Takeaways:* Market opportunity: Brazilian private credit markets growing 40% annually toward $500B+* Infrastructure gap: Blockchain solves transparency, accessibility, and secondary market challenges* Economic impact: Foreign capital influx will increase competition and reduce borrowing costs* Regulatory tailwinds: Brazil’s Central Bank actively supporting tokenization initiatives* Global expansion: Southeast Asia and Middle East prioritized for investor distributionYou can connect with Paulo on Linkedin. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Figment is the leading independent provider of staking infrastructure with $18B assets under stake and provides the complete solution for over 1000 institutional clients in Latin America and globally. Through its enterprise-grade infrastructure, Figment enables clients such as banks and exchanges, to earn rewards on Proof-of-Stake assets such as Ethereum and Solana, while maintaining the highest standards of security, compliance, and performance.Figment supports the growth of the global blockchain ecosystem by making staking simple, transparent, and scalable. Figment is at the forefront of this transformation, providing the trusted infrastructure, insights, and expertise needed to enable clients to stake confidently.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!For today’s episode I talk to Gui Gomes, CEO and founder of OranjeBTC, which became Latin America’s largest bitcoin treasury company and the 26th largest in the world when it publicly listed on Brazil’s B3 exchange earlier this month.We discuss how Oranje aims to be more than just a vehicle for acquiring bitcoin. Rather, Gui sees Oranje as a bitcoin-native company that will catalyze mass adoption of bitcoin across Latin America. Key Takeaways:* From Bridgewater to Bitcoin: Prior to joining Swan Bitcoin in 2022, Gomes spent several years at Ray Dalio’s Bridgewater Associates, where exposure to Dalio’s “Changing World Order” research helped crystallize his conviction that bitcoin represents the future of reserve currencies. The parallels between Dalio’s thesis on currency cycles and bitcoin’s value proposition were impossible to ignore.* Purpose-Built, Not Dabbling: Unlike other companies simply adding bitcoin to their balance sheets as a hedge, OranjeBTC is built from the ground up to operate on the bitcoin standard. Every aspect — from capital structure to hiring to cost basis — is designed around bitcoin accumulation and education.* Latin America’s Unique Opportunity: The region’s history with currency devaluation and inflation makes bitcoin particularly compelling solution. As Gomes puts it: “If bitcoin is good for Americans, bitcoin is great for Latin Americans.” With nearly a billion people and abundant natural resources held back by monetary instability, moving to a bitcoin standard could be transformational for the region.* US vs Brazil Adoption Gap: While US institutional understanding of bitcoin is more advanced, Brazil leads in regulatory clarity. Brazilian banks have been selling bitcoin directly from checking accounts since before US ETF approval—a capability American banks still don’t have.* Aggressive Growth Plans: Orange holds approximately 3,700 BTC and continues buying weekly. The company plans to deploy multiple capital instruments — equity offerings, convertible notes, and other tools — to accelerate treasury growth while creating value for shareholders.* Education as Mission: OranjeBTC is releasing comprehensive research papers on treasury companies, bitcoin fundamentals, and Latin American economic opportunities. It will be hosting institutional events and building educational content for both newcomers and sophisticated investors.Gomes brings a unique perspective shaped by traditional finance experience and hardcore bitcoin conviction. His vision extends beyond corporate treasury strategy to national-level adoption, believing Brazil’s 215 million people could set a transformative example for emerging markets worldwide.Gui also weighs in on the “debasement trade,” why digital natives will accelerate adoption, and how nation-states are just beginning to recognize bitcoin’s strategic importance.You can connect with Gui on Linkedin.Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Today’s episode is with David Taylor, CEO and co-founder of Etherfuse, where we explore what might be the most overlooked infrastructure gap in crypto: tokenized sovereign debt.Taylor’s thesis is compelling: while crypto has created an explosion of speculative assets, it lacks the foundational building block that underpins all traditional finance: the risk-free rate. In TradFi, everything is measured against government bonds. But onchain? That benchmark simply doesn’t exist, creating a critical missing link between the blockchain and traditional finance worlds.His mission is to bring nations “onchain” by tokenizing their sovereign debt, starting with Mexico and now expanding into Brazilian Tesouro bonds. Key Takeaways:* Infrastructure for onchain sovereign debt: Etherfuse positions itself as the AWS-like infrastructure layer for tokenized government bonds, handling regulatory compliance, security, and collateralization so builders can simply integrate and create financial products without recreating this complex foundation* The non-USD opportunity: While most attention focuses on dollar-denominated assets, emerging markets like Brazil, Mexico, and Argentina offer clearer regulatory pathways and stronger incentives for innovation with local currency stablebonds* Solving the liquidity problem: By combining yield-bearing sovereign debt with blockchain rails, stablebonds create natural incentives for liquidity in non-USD stablecoins - something the market has desperately needed* Democratizing access to sovereign yields: By tokenizing government bonds as interest-bearing stablecoins, Etherfuse removes the traditional barriers that limited sovereign debt access to institutions and high-net-worth investors, allowing anyone with a crypto wallet to earn these yields* Historical precedent matters: Taylor points out that successful economies historically started with bonds (Venice, Amsterdam, France), not just currency. Crypto needs to follow the same playbookI really enjoyed this conversation with David and I hope you do as well. You can connect with him on Linkedin.Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Today we’re talking to Qin En Looi, Managing Partner at Onigiri Capital and Partner at Saison Capital, about why his Singapore-based venture fund is making a major bet on Brazil’s tokenization and stablecoin ecosystem.Backed by Credit Saison, a 75-year-old Japanese financial institution with US$30 billion in assets, Onigiri Capital recently launched a US$50 million fund focused exclusively on blockchain-powered financial services. Latin America — and specifically Brazil — will be key areas of focus for deploying this capital. What makes Brazil particularly attractive? According to Qin en, it starts with the Central Bank. “I don’t think any government or central bank in the world comes close to what the Brazilian Central Bank has done in terms of innovation,” he explains, pointing to initiatives like Drex and the country’s track record with PIX and open finance.But the regulatory environment is just one piece of the puzzle. Qin en notes that he has been impressed by how Brazilian blockchain founders are delivering metrics at Series A that rival Series C companies in other markets—often with profitability already achieved. “For the same valuation, I can get a company making two to three million dollars ARR, whereas elsewhere you’d have an unpaid pilot,” he notes.Key Takeaways:* Focused verticals: Onigiri is focusing primarily on stablecoins, payments, tokenized assets, financial markets infrastructure, and DeFi* Local-first approach: The firm is partnering with local funds like Norte Ventures, OneVC, and Valor Capital to better connect with the ecosystem* Institutional advantage: Portfolio companies gain access to Credit Saison’s extensive network of banks and asset managers across Asia* Capital efficiency: Brazilian startups demonstrate stronger revenue focus and resilience compared to peers in developed marketsI really enjoyed this conversation with Qin en and I hope you do as well. It will be exciting to see how his thesis plays out in the coming years. You can connect with Qin en on Linkedin.Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Last month at Stellar Meridian in Rio de Janeiro, I had the privilege of moderating a super interesting panel exploring how stablecoins are solving real problems in emerging markets. Joining me were: * Sebastian Siseles, CEO of Vesseo* Ibrahim Abdulhussein, CEO of Digibank* Camila Rioja, Executive Director of Plexus Institute* Justin Norman, founder of The FlipThe conversation revealed that successful crypto adoption isn’t just about the technology - it’s about successfully pairing the technology with local operators and users to create the ideal localized solution.Ibrahim’s story exemplifies this perfectly. After struggling to send money to his father in war-torn Syria, he built Digibank - a network of 2,000+ physical cash-out points across the MENA region serving 31,000 users. The innovation? Users receive a PIN code via SMS or print, walk to a local merchant, and collect cash. No wallet required. No blockchain knowledge needed. Just simple access to remittances in countries where Western Union doesn’t operate.Sebastian shared how Vesseo is building a non-custodial wallet that prioritizes real-world usability over crypto education. Their mission: “earn global, spend local.” In the coming weeks, they’ll be launching the first Stellar wallet with crypto-to-fiat cards, allowing users to convert USDC at point-of-sale. As Sebastian put it, comparing a traditional $35 wire transfer to near-instant, near-free Stellar transactions is “no brainer” territory. Camila’s work with Plexus Institute showcases how existing systems can be enhanced with blockchain. Brazil already has 180+ community currencies serving municipalities across a country 205 times the size of Switzerland. Their Aratu project is piloting transparent, on-chain distribution of social benefits to communities of mainly women harvesting crabs in Brazil’s northeast.Justin, fresh from a three-week documentary tour across South America, emphasized what ties these stories together: last-mile user experience matters more than infrastructure hype. The excitement around stablecoins often focuses on volumes and new layer-ones, but real adoption happens when solutions are deeply localized for each context.Key Takeaways:* Context matters more than infrastructure - Each market has unique drivers: Bolivia’s dollar shortages, Argentina’s capital controls, Syria’s lack of banking infrastructure, Brazil’s community currency networks.* Abstract away the complexity - The best projects hide blockchain entirely. Users don’t need crypto knowledge to benefit from crypto rails.* Trust takes time - Digibank’s Syrian health workers initially cashed out salaries immediately; seven months later, many now hold USDC voluntarily.* Build on what exists - Don’t create new behaviors from scratch. Enhance existing financial practices with blockchain’s benefits.The future of stablecoins isn’t purely on-chain or off-chain. Rather, it’s intertwined with existing financial behaviors and meeting users where they are.Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Raagulan Pathy is CEO and founder of KAST, the stablecoin neobank has been spreading like wildfire since launching 14 months ago, particularly in emerging markets like Brazil and Latin America. Raags is known across the industry as “The Stablecoin Guy” dating back to his previous role leading Circle’s Asia operations, and he joins to shares insights into building a truly global banking alternative for the crypto-native generation.KAST represents a fundamental shift in how we think about digital banking infrastructure. Rather than simply offering another crypto card or wallet, the platform provides a comprehensive bank-like experience that bridges traditional finance with decentralized assets. Users can deposit stablecoins across multiple chains, earn yield on their holdings, and spend globally through integrated card services.Key Market Insights* Exceptional user engagement metrics: KAST has achieved 500,000 app downloads with 64% weekly active users and 30% daily active users, demonstrating strong product-market fit in the neobanking space* Rapid growth trajectory: The platform processes over US$20 million in monthly volume while maintaining 20% month-over-month growth, suggesting sustainable scaling momentum* Strategic market positioning: Latin America represents 30% of KAST’s global business, with Brazil emerging as a particularly strong market due to demand for global banking alternatives* Four distinct customer segments: The platform serves crypto natives, stablecoin-first users from the Global South, remote workers, and mobile affluent individuals who operate across multiple jurisdictionsRaags’ perspective on the stablecoin ecosystem challenges conventional wisdom about where value creation occurs. While many focus on building new stablecoin protocols, he argues the real opportunity lies in creating usable infrastructure on top of existing stablecoin rails. This insight reflects a broader maturation as the industry advances from pure infrastructure development toward consumer-focused applications.The conversation also reveals important dynamics in Latin American crypto adoption, where stablecoins serve not just as remittance tools but as premium financial products for upwardly mobile consumers seeking global banking alternatives. This represents a significant market opportunity that extends well beyond traditional financial inclusion narratives.I really enjoyed this fascinating conversation and I hope you do as well. You can connect with Raags on LinkedinHave a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Mark your calendars because Latin America will be the center of the crypto universe this November.Devconnect, Ethereum’s premier developer-focused event takes place this year in Buenos Aires from November 17-22. This gathering attracts talent from across the Ethereum world as well as competing ecosystems.Prior to that, ETH Latam will take place in Sao Paulo November 6-9 and will bring showcase the best talent and projects that the region has to offer. For today’s episode of BCR we talk to Nathan Sexer, head of Devcon and Devconnect at the Ethereum Foundation and Romina Sejas of ETH Kipu and ETH Latam to talk about how these events showcase the leading, though under-appreciated, role that Latin America plays in the growth of crypto globally. Why Latin America, Why Now?The timing couldn't be better. Argentina boasts one of the world's highest crypto adoption rates, with 5 million people - 10% of the population - using crypto daily. Meanwhile, Brazil is experiencing a a flurry of activity at the institutional level, with banks and regulators conducting deep blockchain research and exploring real-world tokenization projects.As Romina noted, "In Brazil, you don't need to explain what blockchain or Ethereum is anymore. They're already doing the research."ETH LATAM: Brazil's Institutional MomentNovember 6-9, São PauloETH Latam returns to Brazil with a focus on bridging the gap between crypto's grassroots community and institutional stakeholders. This year's event features:* Hackathon component (Nov 6-7) partnered with ETH Samba* Main conference (Nov 8-9) with multiple specialized tracks* Arbitrum Day highlighting the L2's strong Brazilian presence* Staking Forum and AI stage for specialized discussions* Institutional focus targeting banks, regulators, and corporate leadersThe event serves as the perfect "stopover before Devconnect," allowing international attendees to experience both Brazil's corporate crypto landscape and Argentina's grassroots innovation.Devconnect: Reimagining Ethereum GatheringsNovember 17-22, Buenos AiresDevconnect differs from Devcon (also hosted by the Ethereum Foundation) and other crypto events in that it breaks the traditional conference mold, offering a hybrid experience that combines:* 30-40 coordinated events in one massive venue in Palermo* World's Fair component showcasing production-ready Ethereum applications* Co-working spaces for real-time collaboration* Gaming, privacy, and Layer 2 districts for hands-on experiences* Pay-with-crypto functionality throughout the venueThe Ripple EffectThe Ethereum Foundation's return to Latin America just three years after Devcon Bogotá demonstrates the region's sustained impact. The 2022 event catalyzed community growth that's still expanding today, with projects like Hardhat and OpenZeppelin originating from Argentina's vibrant builder ecosystem.Both events represent a pivotal moment: crypto's evolution from experimental technology to practical infrastructure that serves real-world needs across diverse markets.Be sure to visit ethlatam.org and devconnect.org for tickets and updates.You can connect with Romina and Nathan on X/Twitter. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Today’s episode is with Thamilla Talarico, head of on-chain finance growth for Brazil at Polygon Labs. You may recall that she previously represented Ernst & Young in the Central Bank’s Drex pilot. We talk about Polygon’s deliberate investment in Brazilian market expansion, recognizing the country's unique position in the Latin American digital asset ecosystem.We also dive into several important changes to Polygon’s growth strategy. Gone are the days when Starbucks and Nike were issuing NFTs on the platform. Nowadays, they are laser focused on payments and on-chain finance (RWAs).Thamilla also reflects at length about her experience working on the Drex pilot with EY. We explore about the good, bad and ugly aspects of the project, and how, ultimately blockchain privacy technology is just not ready to be deployed at the scale required by the Central Bank. Key Takeaways Regarding Polygon’s Pivot* Laser-focused vision: Polygon has shifted from being a general-purpose blockchain to specifically targeting real-world assets and payments, moving away from the scattered approach that previously included NFT partnerships and various enterprise initiatives* Market dominance in BRL stablecoins: Brazilian Real stablecoins represent the second-largest non-USD stablecoin volume on Polygon, with major issuers including BRL1 (Bitso, Mercado Bitcoin, Foxbit consortium), BRLA (Avenia), and BRZ (Transfero)* Technical infrastructure improvements: The Giga gas roadmap promises significant performance enhancements, scaling from 1,000 TPS currently to 5,000 TPS by October 2024, with eventual targets of 100,000 TPS* Geographic expansion strategy: Brazil represents one of four key markets receiving dedicated business development resources, alongside Hong Kong, India, and the UKDrex Project Reflections and Market Implications* Privacy vs. composability trade-offs: The fundamental challenge wasn't scalability, but rather balancing blockchain's inherent transparency with privacy requirements and regulatory compliance under Brazilian data protection laws* Technical maturity gaps: None of the three privacy solutions tested in Phase One met the Central Bank's production-ready standards, highlighting the nascent state of enterprise-grade privacy technologies* Regulatory complexity: The Central Bank struggled to reconcile blockchain's transparency with compliance requirements, particularly around data protection and the balance between audit capabilities and broad surveillance powers* Positive externalities: Despite the pivot, the project successfully matured Brazil's digital assets ecosystem, creating technical expertise, fostering collaboration between competitors, and establishing business relationships that will continue beyond DrexMoving forward, Thamilla emphasizes that the infrastructure, knowledge, and business cases developed during the Drex pilot remain valuable. The focus should shift toward private sector initiatives using stablecoins as settlement instruments for tokenized assets, leveraging the collaborative frameworks and technical expertise developed during the pilot program.The Central Bank's decision represents a natural transition from public sector experimentation to private sector implementation, she argues, positioning Brazil to maintain its leadership in tokenization while building on the substantial groundwork laid by the Drex initiative.You can connect with Thamilla on Linkedin. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Today’s podcast episode is a panel discussion I moderated at Bitso Business’ Stablecoin Conference in Mexico City, featuring Monica Ramirez (Anchorage Digital), Nick Philpott (Zodiac Markets), and Peter Wexler (Visa). Our conversation explored how stablecoins have evolved from crypto trading tools to essential infrastructure for global commerce.We highlight critical regulatory developments, particularly the U.S. Genesis Act, which have opened doors for mainstream adoption by providing the regulatory clarity banks and institutions have long sought. This legislation, combined with similar frameworks like Europe's MiCA, is creating a foundation for global stablecoin commerce.Key Themes Discussed:* Commodities Financing Revolution: Zodia Markets processes $30-40 billion annually in USD stablecoins, with individual transactions reaching $155 million for oil cargo purchases, demonstrating stablecoins' capacity for large-scale commodity trading* Correspondent Banking Decline: The retreat of traditional banking networks has created opportunities for stablecoin infrastructure to fill critical gaps in cross-border payments* Emerging Market Innovation: Non-USD stablecoins like Turkish Lira (TRYB) are finding product-market fit, with Zodiac processing nearly $3 billion in TRYB year-to-date* Banking Strategy: Rather than issuing stablecoins directly, banks should focus on providing services to issuers—custody, treasury management, and minting/burning operations* User Experience: The panel emphasized creating "Uber-like" transparency in cross-border payments to reduce psychological costs and uncertaintyMarket predictions ranged from $1-9 trillion in stablecoin market cap by 2030, with consensus around $2-5 trillion representing a 10x growth from current levels.Huge thanks to the Bitso Business team for the opportunity to participate in this great event! Feel free to connect with Monica, Nick and Peter on Linkedin. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!This week’s episode is with Matheus Moura, co-founder and CEO of Avenia (formerly BRLA Digital), where we discuss how the company is building out cross-border payments and financial infrastructure across Latin America. We touch on the need for this infrastructure under the thesis that every company will eventually become a financial services company in some capacity. We also explore the role of stablecoins in the embedded finance landscape and why Latin America has emerged as ground zero for this transformation.Avenia is also a sponsor of Brazil Crypto Report so be sure to check them out 🔥BRLA Digital → AveniaAvenia started off as a quantitative crypto hedge fund, but quickly transitioned in 2023 to focus on financial infrastructure upon realizing the strong product market fit opportunity in the crypto payments space. What started as an idea to create dollar savings accounts for Brazilians has evolved into a comprehensive platform that enables any company to offer financial services through a single API integration.The company's rebrand to Avenia (from "avenida" - avenue in Spanish/Portuguese) perfectly captures their mission: building financial highways for seamless money movement across borders. This infrastructure approach addresses a critical market need, as evidenced by the fact that 90% of Avenia's current revenue comes from cross-border FX transactions.Key Takeaways* The End of "Not Moving Money": Matheus describes how traditional solutions like Wise rely on maintaining cash pools across markets to avoid actual money movement. Stablecoins enable real-time, low-cost transfers that eliminate the need for inefficient balance sheet management.* Latin America's Perfect Storm: The region's combination of instant payment systems (Pix, SPEI), sophisticated user expectations for real-time transfers, and complex correspondent banking relationships creates ideal conditions for stablecoin adoption.* Embedded Finance at Scale: Avenia's vision extends beyond FX to recreating all financial primitives (credit, investing, escrow) through stablecoins, enabling any company to become a financial services provider. Matheus sees this as similar to how cloud computing has democratized tech infrastructure over the last 20 years. * Regulatory Readiness: Brazil's central bank's collaborative approach to innovation, combined with upcoming VASP regulations, positions the country as a leader in crypto-friendly financial infrastructure development.* Regional Expansion Strategy: Success in Brazil provides the foundation for Avenia’s expansion across Latin America, with Argentina, Colombia, and Mexico identified as priority markets based on client demand and regulatory frameworks.Pushing ForwardAvenia's roadmap includes expanding payment methods, card issuance capabilities, and additional financial primitives while maintaining focus on reducing complexity for companies entering Latin American markets. As Matheus noted, the goal is creating an environment where "everyone can pay like a local in any country of Latin America" regardless of their native currency.The company's approach represents a fundamental shift in how we think about cross-border payments - from managing liquidity pools to enabling actual money movement through blockchain rails. For financial services stakeholders, Avenia's growth trajectory offers valuable insights into the future of embedded finance in emerging markets.I really enjoyed this conversation with Matheus and I hope you do as well. You can connect with him on Linkedin. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!This week’s episode is with Guilherme Bettanin, Brazil country manager for Base - the Coinbase-incubated Ethereum Layer 2 blockchain that has become the largest network of its kind based on transaction volume, users and total value locked. We discuss Gui’s ambitious expansion strategy designed to establish Brazil as a cornerstone of Base’s Latin America ecosystem. The goal is to position Base as Brazil's largest blockchain community while addressing the diverse needs of the local ecosystem. This approach includes supporting various sophistication levels within the Brazilian market, from established enterprise projects to emerging individual developers seeking entry points into decentralized finance, for example. Objectives Include: * Market Positioning: Establish Base as the dominant blockchain community platform in Brazil* Ecosystem Development: Support both large-scale institutional projects and grassroots innovation* Educational Infrastructure: Provide guidance and resources for newcomers to the cryptocurrency space* Regional Expansion: Leverage growth in Brazil to drive broader Latin American adoptionAmbassador Network and Specialized ExpertiseGui is also making a big push to expand the Base community via ambassador programs that taps into specialized knowledge areas. These include:* Ambassador Program: Curated selection of regional experts and thought leaders* Builder Network: Direct support system for developers and technical contributors* Creator Economy Focus: Specialized guidance for content creators and digital entrepreneurs* Knowledge Exchange: Facilitated learning between experienced and emerging participantsCommunity Engagement StrategyBase brings a multi-channel approach to community development, combining digital presence with direct engagement opportunities. This includes a big focus on in-person events and virtual programming, an aggressive social media presence with active content distribution on social networks, a buzzing Discord community and open collaboration with participants from other blockchain ecosystems. I really enjoyed this conversation with Guilherme and I hope you do as well. You can connect with him on X/Twitter. Be sure to follow Based Brasil on X as well, and join the Base Brasil Discord server to follow this exciting ecosystem. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Brazil’s Central Bank shook the market earlier this month by announcing that it remove the blockchain component of the Drex project (at least in the short term). The project will now pivot to focus on unlocking collateral via lien reconciliation using a non-blockchain solution.The Drex project has been the driver of much of the blockchain activity in the country over the last couple years. So what does this pivot mean: is it a rug pull? or a moment for the private sector to take the lead and continue generating momentum?To discuss, I am joined by Gustavo Cunha, CEO of Fintrender and a former Brazilian banking executive, and Marcos Sarres, CEO of GoLedger - a firm specializing in blockchain development on Hyperledger.Both Gustavo and Marcos have been following the Drex project in different capacities since its initiation in 2021, and offer valuable perspective on why blockchain did not work out as planned for Drex (at least not yet), and the road ahead for blockchain in Brazil without Drex as the driving force. Brazil Crypto Report is a media partner of Stablecoin Conference 2025, hosted by Bitso Business on August 27-28 in Mexico CityMotives Behind the PivotThe core reasons for pulling the plug on blockchain here are multi-faceted, but ultimately boiled down to technical constraints. Specifically:* Ethereum's inherent transparency conflicted with unique multi-bank privacy requirements. Banks in the Drex network required transaction isolation while maintaining Central Bank supervisory visibility* Privacy preserving technologies like zero-knowledge proofs and homomorphic encryption solutions have extended development timelines and are not yet ready for the scale of a project like Drex* Collaborative efforts by Microsoft, Parfin, and other major players to solve this problem ultimately proved too time-intensiveGustavo notes that the pivot decision was also in part to some other factors:* The United States' movement toward regulated private stablecoins and away from centralized CBDCs* Leadership changes at the Central Bank (Drex champion Roberto Campos Neto is out as president) * The recent Pix security incident at the Central Bank, necessitating increased focus on cybersecurity A Net Positive?While the pivot decision may feel like a rug pull, Drex has advanced the blockchain and tokenization space in Brazil in many ways. Consider:* Major financial institutions developed internal blockchain teams (20-30 specialists each)* Multiple tokenization projects are now in development across carbon credits, loans, and collateral* The private sector gained substantial blockchain expertise through Drex participation* Market readiness for tokenized asset infrastructure significantly improvedStill, the vacuum created by the Central Bank's withdrawal presents both challenges and opportunities. Gustavo and Marcos suggest the most likely scenario involves private sector collaboration to develop blockchain infrastructure, potentially through banking associations like Febraban. However, this approach faces coordination challenges, particularly around developing a Brazilian real stablecoin where competing banks must agree on float distribution, interoperability, governance and revenue-sharing models, etc. I enjoyed this timely conversation with Gustavo and Marcos and I hope you do as well. You can connect with both of them on Linkedin.-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Today’s episode is with David Lawant and Josh Barkhordar, Head of Research and Head of Sales, respectively, at FalconX - one of crypto’s premier institutional prime brokerage firms. FalconX's recently launched services in Brazil via partnerships with BTG Pactual and Mercado Bitcoin, and it plans on being a relevant player in the market moving ahead. The prime broker now offers its comprehensive suite of services including spot trading, derivatives, custody, FX trading, and credit facilities to Brazilian institutions.What makes Brazil particularly attractive isn't just its massive retail crypto market, but its surprisingly advanced institutional infrastructure. As David noted, Brazilian banks like BTG have been engaged with crypto for years, offering their own exchange and custody services - a level of institutional penetration that in some ways exceeds what we see in traditional U.S. financial institutions.We expand the conversation to cover crypto trends in 2025, principally the explosion of Digital Asset Treasury Companies (DATCOs). Unlike the previous cycle's limited and over-used GBTC trade, these new vehicles offer enhanced exposure through sophisticated strategies including covered call-writing, bitcoin-backed lending, and leveraged acquisition programs. David and Josh explain how regulatory uncertainty diminishing under the current administration has opened the floodgates for hundreds of these companies to emerge.Perhaps most significantly, the Trump administration's crypto-friendly policies are creating unprecedented opportunities in the US and abroad. The recent decision to allow crypto assets in 401(k) plans, for example could unlock access to a US$9 trillion market, representing a paradigm shift comparable to the spot ETF launches.Brazil Crypto Report is a media partner of Stablecoin Conference 2025, hosted by Bitso Business on August 27-28 in Mexico CityKey Takeaways from this Episode:* Brazil's institutional crypto market is more sophisticated than many realize, with major banks offering comprehensive crypto services* Stablecoin adoption has reached "escape velocity" in Latin America, driven by real economic needs for cross-border payments and inflation hedging* Digital Asset Treasury Companies represent a structural shift that offer enhanced returns through sophisticated financial strategies* The 401(k) crypto ruling could be transformational, potentially channeling steady institutional flows from a US$9 trillion market* Regulatory clarity is accelerating institutional adoption, with traditional financial institutions now comfortable entering the space* Bitcoin-backed lending is emerging as a key service for companies wanting liquidity without triggering taxable eventsI enjoyed this conversation with David and Josh and I hope you do as well. You can connect with both of them on Linkedin.-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!For today’s episode I’m joined by Alisia Painter, who is co-founder and COO of Botanix Labs — which has built a new bitcoin-based blockchain focused on powering the bitcoin economy. The Botanix mainnet launched on July 1 with the goal of bringing financial products to bitcoin via EVM-compatibility and smart contract programmability. Alisia’s journey into bitcoin began in Brazil in 2015 when she was working for a Brazilian company in Sao Paulo. She was receiving salary in BRL and discovered bitcoin as a way to protect herself against the depreciating currency while easily remitting funds back to her home country of Canada.That experience, and later time spent in Asia and Africa, shaped her bitcoin worldview and motivated her to pursue bringing financial use cases and products to bitcoin.Key Themes from Our Conversation:* Real-world bitcoin use cases: Unlike theoretical discussions, Alicia's perspective comes from seeing actual monetary instability and the urgent need for sound money in developing economies* The Spiderchain innovation: Botanix's unique proof-of-stake blockchain, built on top of Bitcoin's proof-of-work consensus, creates a decentralized network of multi-sigs that enables programmability while maintaining bitcoin's core principles* Cultural shift in bitcoin: The ETF approval has fundamentally changed who bitcoiners are - from hardcore HODLers to mainstream investors buying on Robinhood who want to put their bitcoin to work* EVM equivalence on bitcoin: Developers can copy-paste battle-tested smart contracts from Ethereum directly onto Botanix, bringing DeFi's entire ecosystem to Bitcoin with proven security* Bitcoin's maturation: As bitcoin becomes less volatile and capital gains moderate, the need for financialization and yield generation becomes more critical* Institutional interest: Major financial firms are showing significant interest in Botanix because institutions ultimately denominate everything in BitcoinBuilding the Bitcoin EconomyWhat makes Botanix particularly compelling is their ecosystem-first approach. Rather than just building infrastructure and hoping developers will come, they've incubated native applications from day one - DEXs like Arch and Bitsy, lending protocols like Dolomite, and even GMX deploying their battle-tested perpetuals platform.Their vision extends beyond DeFi to imagine a complete bitcoin-based economy, visualized in their creative "2100 Bitcoin World" website - a Simpsons’-themed city where every building represents a different application in their ecosystem.Brazilian ConnectionsThroughout our bilingual conversation, Alicia emphasizes the natural fit between bitcoin DeFi and Brazilian markets, noting strong community interest and the presence of Portuguese-speaking resources in their Discord community.As Botanix launches its mainnet and prepares to introduce yield-bearing bitcoin (STBTC) next month, they're positioning themselves not just as another bitcoin layer-2, but as the foundation for bitcoin's evolution from digital gold to the backbone of a new financial system.I enjoyed this conversation with Alisia. You can connect with her on X/Twitter and on Linkedin. -AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Our guest for this week is Daren Guo, co-founder of Reap, a Hong Kong-based fintech. We discuss Reap’s role as a payments infrastructure provider focused on connecting Asia and other emerging markets like Brazil and Latin America. Drawing from his experience as an early Stripe employee who helped scale the company from 90 to 2,000 employees, Daren outlined Reap’s vision for creating accessible, internet-native financial infrastructure powered by stablecoins.The Problem: Financial Access InequalityDaren highlighted a fundamental challenge for businesses and individuals in emerging markets: accessing stable, USD-denominated financial services. As we’ve explored on this show in depth, he notes that traditional cross-border payment systems are plagued by inefficiencies — as Guo noted:"I can fly to Brazil before my money lands there." This reality creates significant barriers for businesses operating across borders, particularly in the Global South where corresponding banking networks are often unreliable and costly.Reap’s Solution: Three-Pillar ApproachReap addresses these challenges through a comprehensive stablecoin-native infrastructure that supports three core product lines:* White-labeled stablecoin card-as-a-service platform for modern neobanks to issue stablecoin-backed cards* Cross-border payments platform enabling trade financing and import-export operations with multi-currency payouts* Financial operations platform connecting stablecoin treasury to business expenses through corporate cards and bill paymentsStrategic Advantages in AsiaOperating out of Hong Kong provides Reap with unique advantages in serving global markets. Through this, the company is able to offer multi-currency infrastructure supporting up to 14 different currencies, superior SWIFT access, and presence in a regulatory framework that embraces stablecoin innovation. Further, Hong Kong's ability to clear USD transactions outside US banking hours exemplifies the operational benefits of this geographic positioning.Market Evolution and Customer GrowthLaunch as a traditional fintech play in 2018, Daren and Reap made the call to go all in on stablecoin infrastructure in 2021. Since then, the platform has witnessed significant evolution in customer profiles. For example, Reap initially serviced crypto-native businesses like centralized exchanges, but has expanded to support traditional trade financing, import-export platforms, and SMEs across Latin America and Africa. This shift reflects broader market maturation toward practical, real-world utility rather than purely speculative use cases.Regulatory TailwindsWe discuss the freshly passed Genius Act in the United States, which represents a watershed moment for stablecoin infrastructure globally. Daren emphasized that such legislation provides crucial clarity for platforms building in this space while creating positive spillover effects in other markets. However, he advocates for nuanced regulatory approaches that recognize different risk profiles across various stablecoin use cases.Looking ForwardWith Latin America as Reap’s fastest-growing market, the company is actively expanding its regional presence and capabilities. Daren concluded: "We're in the early innings of this journey toward a tokenized economy.”I enjoyed this conversation with Daren and I hope you do as well. You can connect with him on Linkedin. -AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Tony Volpon is a former banking executive and deputy governor of the Central Bank of Brazil turned crypto entrepreneur.He joins the show today to chat about his red pill moment and how he went down the bitcoin rabbit hole, the role of bitcoin in Brazil from a macro perspective and also his efforts to tokenize Brazil's real estate market through his company CF Inovação - which is building the Index marketplace.With nearly 25 years in banking and a front-row seat to Brazil's economic challenges over the last several decades, Tony offers an incredible persective. The Macro Context: Why Bitcoin Matters in the Global Economic BackdropHis journey into crypto began during his tenure at Brazil's central bank. There, he witnessed firsthand the limitations of traditional financial systems and how an asset like bitcoin can serve against systemic governance failures — even in historically stable economies like the United States.We spend some time comparing the fiscal situations of the US and Brazil, respectively:* Debt Crisis Reality: Even with some attempts to cut spending in the US this year, the country’s debt now surpasses US$37 trillion. Unless there is a miraculous productivity boost from AI, this debt will likely need to be inflated away* The "Brazilianization" of Global Markets: Risk premiums are becoming necessary even for traditionally "safe" assets like US Treasuries* Political Flexibility Paradox: Brazil may actually have more political capacity for fiscal reform than the United StatesTokenized Real Estate: The Holy GrailWhile countless tokenized real estate projects have sprouted up and vanished over the past decade, Volpon believes he has the right ingredients for success in Brazil - namely buy-in from the right regulators and a partnership with Netspaces. CF Inovação has created a comprehensive ecosystem to tokenize Brazil's real estate market, built on four foundational elements:1. Digital Contract Registry (SGR)* A system for on-chain contract storage that puts all real estate contracts directly on blockchain rather than relying on external trusts or notaries* Direct integration with government auditing infrastructure, allowing COFECI's 3,000 auditors to verify and monitor tokenized projects in real-time2. Regulatory Framework* CF is collaborating with COFECI (Brazil's real estate regulator) to create specific tokenization regulations that establish legal clarity for all market participants including brokers, developers, and token buyers3. Commercial Infrastructure* The company is creating a platform for developers and brokers that provides a unified interface for listing tokenized real estate projects and managing the entire sales process* This platfform would allow access to Brazil’s 450,000 registered brokers, who could serve as a potential sales force4. Token Marketplace Partnership* CF is partnering with NetSpaces for deed tokenization that enables trading of property ownership through tokens (while keeping the actual deed frozen in a legal depository)* This solution would be viable for both pre-construction forward contracts and existing properties, covering the entire real estate lifecycle from development to resaleMarket Impact and Global ImplicationsThe platform addresses critical pain points in Brazil's real estate market, where transaction costs can reach 10% of property value. By reducing these costs and creating unprecedented liquidity, the solution could:* Enable international investment through stablecoin integration* Provide alternative financing for underserved regional developers* Create a secondary market for pre-construction investments* Establish a regulatory model for global adoptionLooking Ahead: With regulatory approval expected soon and a beta launch planned for year-end, Volpon's vision represents potentially the world's first comprehensive, regulator-backed real estate tokenization ecosystem. As he notes, "Real estate is by far the biggest asset class in the world, it's totally illiquid, and it's mostly inaccessible. To bring that into [tokenization] could be really revolutionary."I really enjoyed this conversation with Tony and I hope you do as well. You can connect with him on Linkedin-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at b

🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsOlá pessoal!Stablecoins are obviously one of the key trends in crypto in 2025, and it’s a topic we’ve covered a decent amount here on BCR. However, we’ve yet to take a deep look into why this innovation is so important, especially for emerging markets in regions like Latin America. To help us break this down the full stablecoin value proposition, particularly as it pertains to cross-border payments, Josh Solesbury — an investor at ParaFi Capital — one of crypto’s largest VC firms, joins the show. Josh has researched extensively the pain points in the global correspondent banking system and articulates persuasively why stablecoins represent the most significant opportunity to modernize global payment infrastructure. The $150 Trillion OpportunityCross-border B2B payments represent one of the largest economic systems globally, settling approximately $150 trillion annually. Yet this massive market operates on infrastructure that hasn't meaningfully evolved in 50 years, as the the SWIFT correspondent banking system, creates a web of inefficiencies that cost businesses dearly.Key Pain Points in Traditional Cross-Border Payments:* High costs: Average fees of 4-6% across international corridors* Lengthy settlement times: 2-5 days on average, with 40% of Latin American transactions experiencing delays of five days or more* Trapped capital: $12 billion in working capital stuck in B2B payment corridors, representing roughly 10% of volume* Opacity: Limited visibility into exchange rates and processing status throughout the transaction lifecycleCorrespondent Banking BottleneckTraditional international payments require multiple intermediary banks, each adding their own margins and compliance checks. For example, a payment from the UK to Brazil might route through three different institutions, with each bank conducting anti-money laundering reviews, applying foreign exchange spreads, and adhering to different business day schedules. What should be a minutes-long, penny-cost transaction becomes a multi-day, expensive ordeal.Latin America: The Perfect Testing GroundJosh identifies Latin America as an ideal region for stablecoin adoption, citing two critical factors:Economic Friction:* Higher cross-border fees (6% average vs. lower rates in developed markets)* 70% of the population remains underbanked or unbanked* Currency volatility creates additional hedging costs for businessesMarket Readiness:* Highest payments revenue growth globally (3x the global average)* 40% of population under 25 with 75%+ mobile penetration* Existing digital payment infrastructure (like Brazil's PIX) creates natural adoption pathwayThe Infrastructure ConvergenceFrom the macro point of view, three key developments are enabling the stablecoin payment revolution:Regulatory Clarity: The U.S. Genius Act and similar legislation provide legal framework for stablecoin adoption by traditional financial institutions.Technical Infrastructure: Improved wallet creation, blockchain scalability, and fintech-friendly tools are reducing barriers to entry.Liquidity Solutions: Major banks entering the space will provide the liquidity depth necessary for large-scale B2B transactions.Beyond Cost Savings: Programmable MoneyFinally, we discuss how stablecoins offer advantages beyond efficiency gains.Smart contract programmability enables automated payroll distribution, dynamic yield optimization, and integration with AI agents for autonomous financial operations — capabilities impossible with traditional banking rails.Early adoption is already showing results, with 10-15% of Mexico-U.S. remittance flows now processed via stablecoin rails. As regulatory frameworks solidify and infrastructure matures, the B2B market represents the next frontier for this transformative technology.I really enjoyed this conversation with Josh and I hope you do as well. You can connect with him on LinkedinIf you’re keen dive deeper, I recommend taking a look at Josh’s excellent article laying out his stablecoin cross-border thesis. -AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsOlá pessoal! For this week’s episode I’m joined by Thiago Rudiger, CEO of the Tanssi Foundation. We explore the new frontier of application-specific blockchains (so-called “appchains”) and how the Tanssi Network is positioning itself as a leading infrastructure provider in this vertical.After stints at Brazilian management consultancy Visagio and investment fund Squadra Investimentos, one of Brazil's largest investment funds, Thiago went deep down the DeFi rabbit hole during the summer of 2020 — sparking his transition into the blockchain world full-time and eventually Tanssi. Why Appchains?The complexity and cost of launching independent chains remains a critical pain point in spinning up blockchain infrastructure. In a typical scenario, deploying a new chain requires months to years of setup, including validator recruitment, liquidity attraction, and economic security arrangements, as well as extensive technical integrations with wallets, block explores, bridges, etc. The Tanssi network addresses this problem by creating a turnkey solution for spinning up a new chain customized for the client’s specific use case and requirements. Key advantages of Tanssi’s approach:* Rapid deployment: Chains can be launched in 10 minutes through a codeless, template-based system* No setup fees: Tanssi operates on a pay-as-you-go fee model based on usage and not large upfront costs* Comprehensive integration: Includes pre-built connections to wallets, block explorers, RPC (remote procedure call) endpoints, and bridges* Multi-platform support: Tanssi is compatible with numerous types of chains, including EVM, Substrate, and the upcoming Move virtual machine* Shared security: It leverages restaking through the Symbiotic protocol to provide economic security* Shared validator and sequencer sets across the networkReal-World Applications Across VerticalsWe discuss how Tanssi’s infrastructure currently supports a variety of appchains across diverse use cases:* Financial services: BRX Chain's factoring receivables platform with integrated on-ramp solutions* Gaming and SocialFi: Trexx’s gaming ecosystem with seamless interoperability* Tokenized investments: BlockBR's white-label solution for Brazilian financial institutions* Enterprise solutions: Gasless chains for institutional clients looking to transaction and custody complexitiesMarket Traction and Future OutlookThe Tanssi network now ranks among the top three networks on Symbiotic, a platform for shared security and restaking, reaching over $400 million in Total Value Locked (TVL). This figure is expected to increase significantly following the Tanssi token generation event, which is expected in the coming months. We also discuss how Thiago’s Brazilian roots market represent a significant opportunity for Tanssi, as strong local relationships and local language support have served to provide competitive advantages in this relationship-driven market.Tanssi’s turnkey solution is a great option for entities looking to spin up their own custom chains quickly and in a cost effective manner. I recommend following Thiago and the Tanssi closely in the coming for months as there are a lot of exciting developments in the works. I really enjoyed this conversation with Thiago and I hope you do as well. You can connect with him on Linkedin. -AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsOla pessoal!This week’s episode is with Lumx co-founder and CEO Caio Barbosa.We discuss Lumx’s transformation from an NFT and Web3 branding studio, to a tokenization shop to providing cross-border stablecoin payments infrastructure for enterprises. Backed by BTG Pactual, Lumx is now one of the most exciting startups operating in B2B crypto adoption in the region.Barbosa's journey began in 2021-22 during the NFT boom, when Lumx was launched to helping enterprises adopt blockchain infrastructure through Web3-as-a-service offerings. However, as market dynamics shifted, the team pivoted its infrastructure to focus on RWA tokenization, before ultimately landing on cross-border payments with stablecoins.The decision to focus on stablecoin payments wasn't arbitrary. As Barbosa explains:"99% of the demand that was coming was to use our infrastructure for payments." Key Market Opportunities in B2B Stablecoin AdoptionWe explore several areas where B2B stablecoin infrastructure is seeing immediate demand and value creation. Treasury Management * Global companies can now maintain unified dollar-based treasuries using stablecoins instead of managing multiple bank accounts across jurisdictions* Enables more efficient capital allocation with on-demand payouts when needed* Potential for yield generation on stablecoin balancesImport/Export Efficiency* Brazil's significant trade relationships with China and Southeast Asia present massive opportunities* Chinese exporters are already comfortable with stablecoin payments* Eliminates traditional banking delays and reduces transaction costsCorporate Cards and Global Accounts* Despite Brazil's robust fintech ecosystem, international corporate card solutions remain underserved* Partnerships like Ramp's recent collaboration with Stripe demonstrate market validation* Addresses growing demand from globally distributed teams and contractorsMerchant Settlement Innovation* E-commerce marketplaces and freelance platforms are adopting stablecoin settlements* Accelerates payment processing from days to minutes* Reduces costs for cross-border marketplace transactionsPayments OSUltimately, Lumx’s focus is on creating a complete "operating system" for global payments that extends beyond basic transactions to include automated reporting, compliance tools, and seamless API integration that enables businesses to use the service without delay. I enjoyed this conversation with Caio and I hope you do as well. You can connect with him on Linkedin. -AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsOlá pessoal!For this week’s episode I talk to crypto tax lawyer Daniel de Paiva Gomes about the sweeping changes proposed by Brazil’s Ministry of Finance earlier this month. We explored the changes to the IOF financial transactions tax and the relevant implications, as well as the provisional measure released by the Ministry of Finance seeks to overhaul tax treatment of crypto assets in the country.It’s important to note that, despite what many media outlets are reporting, the capital gains tax changes are just proposals at this stage and must be approved by Congress to take effect on January 1. Are Stablecoins a “Loophole” Around IOF Tax? Separating Fact from FictionDaniel explained that there is some confusion around changes Brazil's IOF (financial transactions tax), with widespread misconceptions claiming cryptocurrencies — particularly stablecoins — enjoyed special exemptions. The reality is more nuanced: there was never a formal crypto exemption for these assets. Rather, virtual assets simply didn't fall under existing IOF definitions created in the 1960s—decades before cryptocurrency existed.Key clarifications on IOF include:* Domestic transfers of stablecoins remain outside IOF scope regardless of foreign currency denomination* Cross-border payments using stablecoins may trigger IOF depending on implementation and when the assets are converted into fiat currency* Nationalization costs for exchanges importing crypto assets already include IOF payments* The recent IOF decree only increased nominal tax rates—it didn't create new crypto-specific taxesCapital Gains OverhaulThe proposed provisional measure introduces a flat 17.5% capital gains tax across all crypto transactions, replacing the current dual system that treats offshore and domestic transactions differently. While unification simplifies compliance, several provisions raise serious concerns for businesses and individual investors:Critical Changes:* Exemption elimination: The current R$35,000 monthly exemption for retail transactions would disappear. This would be the biggest impact to everyday crypto investors* Quarterly reporting: Taxes must be calculated and paid every three months* Limited loss offsetting: Losses can only be carried forward five quarters—inadequate for crypto market cycles* Payment mechanism disruption: With the R$35,000 exemption scrapped, every crypto transaction triggers a taxable event. This effectively kills Brazil’s nascent crypto payment card industry (at least for users that intend to pay with cryptos other than stablecoins)Corporate Tax Burden IncreasesThe CSLL (social contribution on net profits) will increase from 9% to 15% for certain financial entities, potentially affecting Virtual Asset Service Providers (VASPs) even before full regulation takes effect. Daniel argues that this creates an uneven playing field where new crypto businesses face higher tax burdens than established financial institutions.Ramifications and Next StepsThe proposed changes could drive users toward non-compliance and self-custody solutions, potentially reducing the overall tax base despite higher rates. For international businesses, Brazil risks falling behind in the global competition for crypto-friendly regulatory environments.Immediate Actions for Stakeholders:* Monitor the 120-day Congressional approval process* Engage with local representatives during the amendment period* Prepare enhanced compliance systems for potential quarterly reporting* Reassess crypto payment strategies and treasury managementThe industry now has a critical window to influence these proposals through Congressional engagement and public education. As Gomez emphasizes, the battle for proportional and fair crypto taxation in Brazil is just beginning, requiring unified industry action to preserve the country's innovative potential in the digital asset space.I appreciated this important conversation with Daniel and I hope you find it valuable as well. You can connect with him on Linkedin. -AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsOlá pessoal! Brazilian-born data scientist and blockchain analytics guru Lucas Nuzzi joins the show to discuss his work exposing the Sam Bankman-Fried fraud trail in November 2022.Specifically, we discuss his on-chain detective work that provided the first public evidence of fraud at FTX and Alameda Research.The $4 Billion Transaction That Changed EverythingIn November 2022, while most of the crypto world was caught off guard by FTX's sudden collapse, Lucas was connecting the dots using a blockchain data platform that he was building while employed at analytics firm CoinMetrics. His analysis revealed:* A suspicious $4 billion transaction from Alameda Research to FTX, occurring the day before Sam Trabucco mysteriously quit as Alameda's CEO* Systematic commingling of funds between the supposedly separate entities dating back years* Evidence of an "infinite credit line" that allowed Alameda to tap into FTX customer deposits"It was really this out-in-the-open maneuver between the two entities," Lucas explains. "The evidence was transparent on the blockchain, but it wasn't legible."When Due Diligence FailsOne of the most shocking aspects of the FTX collapse was how it fooled sophisticated investors, including major VCs and sovereign wealth funds. Lucas breaks down why traditional due diligence missed the red flags:* The transparency paradox: Blockchain data is public but requires specialized tools to interpret* Appearance of legitimacy: FTX operated as a high-quality product with excellent UX and APIs* Complex entity structures that masked the true relationship between FTX and Alameda"You had this failure of identifying red flags that were out in the open from the get-go," Lucas notes.The Human Cost of Financial FraudBeyond the technical analysis, Lucas shares the emotional toll of his revelations:* Hundreds of desperate messages from FTX users in the days following days who thought they'd lost their life savings* Collaboration with prosecutors to help build the fraud case* Personal PTSD from being thrust into the center of crypto's biggest scandal"It was the highest of highs and the lowest of lows in a single month," he reflects.Lessons for the FutureThe conversation reveals crucial insights for preventing future fraud:* Proof of reserves could have prevented the commingling that enabled the fraud* AI-powered analysis can help identify suspicious patterns at scale* Better data accessibility is essential for proper due diligenceLucas argues that this wasn't just accounting errors but systematic fraud that damaged crypto's reputation and led to increased regulatory hostility.Looking ForwardNow CEO of Portex AI, Lucas is building a data marketplace to democratize access to blockchain analytics. His goal: ensure that the tools needed to spot fraud like this are available to everyone, not just specialized analysts.I enjoyed this conversation with Lucas and I hope you do as well. You can connect with him on X/Twitter.-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsOlá pessoal!For this episode I speak to Sebastian Serrano, CEO and co-founder of Ripio. Sebastian is one of the region's crypto pioneers, and Ripio now boasts over 12 years of presence in the market with 20 million users. He last joined the show towards the end of 2023 to discuss the election of Javier Milei and the related fallout; for today’s episode we dive into Ripio’s business and key trends in the market.We discuss how stablecoins have achieved genuine product-market fit in the region, representing 80% of Ripio's trading volume. This adoption stems from fundamental market conditions that make digital assets particularly valuable in Argentina and elsewhere in Latam:* Financial infrastructure gaps: Limited access to traditional financial services creates demand for alternative solutions* Currency instability: Persistent devaluation of local currencies drives store-of-value seeking behavior* Cross-border efficiency: 24/7 availability and rapid settlement times offer significant advantages over traditional remittance systemsWe also discuss how Ripio has successfully transitioned from retail-focused services to becoming the region's largest B2B crypto infrastructure provider, partnering with major institutions including Mercado Libre (Melí Dollar stablecoin), Coinbase, and Circle. The company's expansion across Argentina, Brazil, Colombia, Mexico, Uruguay, and Chile, plus U.S. OTC operations, demonstrates the scalability of regional crypto infrastructure.Regulatory Development and Market OpportunitiesWe also discuss Argentina's evolving regulatory landscape, notably with the Comisión Nacional de Valores introducing sandbox frameworks for asset tokenization projects. This development addresses a critical market gap, namely blockchain-powered financial rails create a leapfrogging opportunity for Argentina's limited capital markets.Other regulatory insights include:* Measured approach: Current registration requirements for Virtual Asset Service Providers (VASPs) are expected to evolve into formal licensing regimes* Capital market development: Tokenization could dramatically expand access to financing for local companies* Infrastructure scaling: Crypto trading volumes now exceed traditional stock exchange volumes in ArgentinaMarket OutlookSerrano projects significant market growth ahead, and he’s particularly bullish on Q4 performance driven by continued bitcoin and stablecoin adoption. The upcoming Devconnect Buenos Aires event in November underscores Argentina's position as a global crypto development hub.For institutional stakeholders, Latin America represents a compelling case study in crypto adoption driven by real economic utility rather than speculation—a foundation for sustainable long-term growth.I enjoyed this conversation with Sebastian and I hope you do as well. You can connect with him on X/Twitter. -AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

APOLOGIES as the original version of this email had an incomplete audio file for some reason. Resending with the FULL VERSION OF THE AUDIO FROM OUR X SPACEOlá pessoal!In an X Space discussion hosted last Friday, BCR convened a panel of experts from Brazil's crypto ecosystem to analyze the Central Bank's proposed stablecoin regulations.The conversation revealed deep concerns about rules that could significantly impact Brazil's position in the global digital assets landscape.Brazil's Central Bank has proposed several stringent regulations on stablecoin usage, including restrictions on sending stablecoins to non-Brazilian wallets and a ban on transferring stablecoins from regulated exchanges to self-custody wallets.These rules would make operating far more difficult for exchanges, businesses, and individuals using stablecoins in Brazil.🎧 You can find Brazil Crypto Report content wherever you listen to podcasts: Spotify | Apple Podcasts | Amazon | Anchor | YouTubeKey Concerns Highlighted by Industry Leaders:* Thiago Sarandy from Binance explained that the proposed ban on self-custody stablecoins prevents Brazilians from accessing decentralized markets and potentially violates constitutional rights to control one's assets.As an alternative, he called for authorities to implement a reporting system, in partnership with exchanges and blockchain analytics firms, for identifying and tracking wallet addresses and transfers suspected of illegal activity.* Julia Rosin of Bitso noted that these limitations would shrink the market in Brazil and slow down transactions through verification processes that aren't yet reliable enough.* Guilherme Sacamone from OKX pointed out that the rules would create "a clear disadvantage for any player trying to establish itself as a regulated entity in Brazil," potentially driving companies to serve Brazilians from offshore entities instead.* Carlos Russo, CEO of BlueGreen, emphasized that these restrictions would disproportionately impact payment companies rather than exchanges:"The Central Bank is treating virtual asset service providers as babies in the market, imposing very strict limits... This is very unfair to the payments companies dealing with international payments or international transactions with stablecoins."* Guillerme Rebane of Nanco highlighted that regulators are attempting to apply rules based on an outdated understanding of the stablecoin ecosystem:"What the Central Bank did is based on their perception of the stablecoin market back two years ago... The PSP industry, payment industry, and also everything and all the ecosystem around stablecoin has evolved rapidly in the last few years."* Cesar Carvalho of Batista Luz Advogados and ABToken shared insight into the regulator’s motives for proposing these restrictive rules:"Understanding the purpose is crucial to propose the solutions... the central bank priority is security and traceability. And why the ban? Because they understood at the beginning that these sort of transactions involving self-custody wallets are not traceable."Looking Forward:Despite the concerns, panelists acknowledged the Central Bank's difficult position and praised its overall approach to crypto regulation. Sarandy noted that "the Brazilian Central Bank is doing a real good job" with much of its regulatory framework, particularly with regards to Public Consultation 109 which allows local service providers to leverage services from abroad.Carlos from Bluegreen expressed hope that the Central Bank is listening to market feedback:"I believe the central bank came up with a very harsh proposal in the beginning... because they really wanted to hear from the market. I understand that as of now, they are basically getting all the feedback they wanted."The stakes couldn't be higher. Brazil has an opportunity to set a global precedent for stablecoin regulation, but panelists warn that overly restrictive rules could drive innovation offshore while failing to achieve regulatory objectives.As Brazil's Central Bank finalizes these regulations in the second half of 2025, the crypto community is watching closely to see if they'll strike the right balance between preserving financial integrity and fostering innovation in this rapidly evolving space.-AWSRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

Olá pessoal!In an X Space discussion hosted last Friday, BCR convened a panel of experts from Brazil's crypto ecosystem to analyze the Central Bank's proposed stablecoin regulations. The conversation revealed deep concerns about rules that could significantly impact Brazil's position in the global digital assets landscape.Brazil's Central Bank has proposed several stringent regulations on stablecoin usage, including restrictions on sending stablecoins to non-Brazilian wallets and a ban on transferring stablecoins from regulated exchanges to self-custody wallets. These rules would make operating far more difficult for exchanges, businesses, and individuals using stablecoins in Brazil.Key Concerns Highlighted by Industry Leaders:* Thiago Sarandy from Binance explained that the proposed ban on self-custody stablecoins prevents Brazilians from accessing decentralized markets and potentially violates constitutional rights to control one's assets. As an alternative, he called for authorities to implement a reporting system, in partnership with exchanges and blockchain analytics firms, for identifying and tracking wallet addresses and transfers suspected of illegal activity. * Julia Rosin of Bitso noted that these limitations would shrink the market in Brazil and slow down transactions through verification processes that aren't yet reliable enough.* Guilherme Sacamone from OKX pointed out that the rules would create "a clear disadvantage for any player trying to establish itself as a regulated entity in Brazil," potentially driving companies to serve Brazilians from offshore entities instead.* Carlos Russo, CEO of BlueGreen, emphasized that these restrictions would disproportionately impact payment companies rather than exchanges: "The Central Bank is treating virtual asset service providers as babies in the market, imposing very strict limits... This is very unfair to the payments companies dealing with international payments or international transactions with stablecoins."* Guillerme Rebane of Nanco highlighted that regulators are attempting to apply rules based on an outdated understanding of the stablecoin ecosystem: "What the Central Bank did is based on their perception of the stablecoin market back two years ago... The PSP industry, payment industry, and also everything and all the ecosystem around stablecoin has evolved rapidly in the last few years."* Cesar Carvalho of Batista Luz Advogados and ABToken shared insight into the regulator’s motives for proposing these restrictive rules:"Understanding the purpose is crucial to propose the solutions... the central bank priority is security and traceability. And why the ban? Because they understood at the beginning that these sort of transactions involving self-custody wallets are not traceable."Looking Forward:Despite the concerns, panelists acknowledged the Central Bank's difficult position and praised its overall approach to crypto regulation. Sarandy noted that "the Brazilian Central Bank is doing a real good job" with much of its regulatory framework, particularly with regards to Public Consultation 109 which allows local service providers to leverage services from abroad.Carlos from Bluegreen expressed hope that the Central Bank is listening to market feedback: "I believe the central bank came up with a very harsh proposal in the beginning... because they really wanted to hear from the market. I understand that as of now, they are basically getting all the feedback they wanted."The stakes couldn't be higher. Brazil has an opportunity to set a global precedent for stablecoin regulation, but panelists warn that overly restrictive rules could drive innovation offshore while failing to achieve regulatory objectives.As Brazil's Central Bank finalizes these regulations in the second half of 2025, the crypto community is watching closely to see if they'll strike the right balance between preserving financial integrity and fostering innovation in this rapidly evolving space.-AWSRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

Olá pessoal!I’m super excited to announce the soft launch of a new podcast series called Bits and Borders that explores frontier tech in frontier markets. Why a new series? Crypto remains my first love, but it’s just a part of a broader story playing out globally. We have new technologies and human coordination systems being developed in real time alongside rapidly shifting power dynamics in the global geopolitical order. Crypto is a piece of the puzzle, but the complete puzzle is much bigger. We’ll still keep focusing on Brazil, but I wanted to open up the design space to explore technologies beyond crypto in new markets beyond Latam. This Bits and Borders brand gives me the opportunity to do that. Feedback welcomed! For this inaugural episode, we explore Prospera — which is a Special Economic Zone located on Roatan Island in Honduras. Prospera is home to probably the most bleeding edge experiment in tech and governance innovation happening anywhere in the world right now. Tech names like Balaji Srinivasan, Brian Armstrong, Tim Draper and Brian Johnson have all supported the project in some capacity.Our guest for this interview is Niklas Anzinger, CEO of Infinita — which can be thought of in crypto terms as a “Layer 2” operating on top of the Prospera economic zone. Infinita is advancing biotech and longevity research on the island, in addition to community building across multiple verticals. For example, it is hosting a month-long Crypto Cities Pop-Up during June. We discuss the core theses of Prospera and Infinita, which is that new governance models can potentially unlock trillions in economic value by addressing the regulatory bottlenecks that have stalled innovation across multiple sectors.Specifically, Infinita is demonstrating how competitive governance frameworks can accelerate development in highly regulated fields like biotechnology and healthcare.Key Insights:* Regulatory Flexibility as Competitive Advantage: Prospera has implemented a system where businesses can select from proven international regulatory frameworks rather than operate under a one-size-fits-all monopolistic regulatory authority* Market-Driven Regulation: The model leverages mandatory liability insurance as a coordinating mechanism, creating market incentives for appropriate regulation without over-regulation that stifles innovation* "Stranded Technologies": Anzinger identifies numerous high-value technologies with enormous potential that remain "stranded" due to regulatory barriers, with nuclear energy serving as the archetypal example* Complementary Rather Than Competitive: This approach works alongside existing nation-states, offering a "win-win" model that attracts investment and development while providing regulatory optionalityStrategic Implications:This model challenges traditional assumptions about regulation and development. For executives in highly regulated industries, these governance innovations represent potential pathways to accelerate R&D and commercialization timelines while maintaining appropriate safety standards.The conversation illuminates how governance innovation may become the ultimate frontier for technological advancement, potentially unlocking tremendous value across multiple sectors by addressing the institutional bottlenecks that limit progress.I really enjoyed this conversation with Niklas and I hope you do as well.You can connect with him on Linkedin-AWSRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

Olá pessoal!Greetings from Rio de Janeiro where we are at the final day of Web Summit Rio. I’ll be hanging around the Transfero stand most of the day, so please feel free to stop by and say hi if you’re around.For today’s episode I spoke with Tatiana Guazzelli of Pinheiro Neto Advogados and Marcos Rocha of Veirano Advogados about several important developments regarding Brazil’s forthcoming crypto regulation framework.TLDR is that the Brazilian Central Bank’s consultative process for defining regulations is at a critical inflection point, with final rules expected to be released in the second half of 2025. Due to proposed “grandfathering” provisions, companies planning to apply for licenses in the future without current operations in the country may find themselves waiting for a long time. Marcos and Tatiana, who also represent the ABToken industry association, stressed the urgency for crypto businesses eyeing the Brazilian market.Marcos explained: "If you're willing to come to Brazil, now is the time and do it fast. Otherwise, the door will close and you will be left outside, in the cold, for two - three years, at least.”In this context, “operations” isn’t merely having a shell company or legal entity, but rather demonstrating active operations through a Brazilian legal entity servicing local customers.However, it’s unclear what specific evidence the regulator will ask of companies to prove that they are indeed “operating” in the country. Important considerations on this front include: * Prove genuine operations: Having a local entity with demonstrable client activity is essential for grandfathering eligibility* Choose service offerings carefully: Companies will only be grandfathered for services they can prove they were already providing when regulations take effect* Prepare for the long haul: Even grandfathered entities face a multi-phase licensing process expected to take approximately three years🎧 You can find Brazil Crypto Report content wherever you listen to podcasts: Spotify | Apple Podcasts | Amazon | Anchor | YouTubeKey Regulatory Developments* Three critical public consultations have concluded: Public Consultation 109 (prudential rules for VASPs), 110 (authorization processes for VASPs), and 111 (crypto transactions in the foreign exchange market). * The Central Bank is currently digesting the commentary it received from the market during these consultations and is formulating final regulations that are now expected to be released in the second half of 2025* The market broadly welcomes regulation but is concerned about restrictions that could disadvantage Brazilian investors or create incentives for non-compliant operators* Major concerns include restrictions on Brazilian investors accessing global order books of international players, which could reduce market liquidity and increase prices* Stablecoin self-custody ban is likely to remain: Despite a myriad of objections from the market, Tatiana reckons that a controversial proposal to prohibit stablecoin transfers between self-hosted wallets is unlikely to be walked back in full, though it could be watered downAdditional Regulatory Considerations* Congress is considering separate stablecoin legislation, raising concerns about potentially conflicting regulatory frameworks* The Brazilian Securities Commission (CVM) is also working on adapting securities regulations to blockchain technologyFor financial institutions and crypto businesses interested in the Brazilian crypto market, the message is clear: establish local operations now or face significant barriers to entry in the near future. I appreciate Marcos and Tatiana joining the show to provide this timely update. You can connect with Tatiana and Marcos on Linkedin-AWSBrazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

Olá pessoal!This week’s interview is with Frederik Gregaard, CEO of the Cardano Foundation, who discusses the organization's mission and Cardano’s growing presence in Latin America.Frederik shares how the Cardano Foundation approaches blockchain development differently - focusing on decades-long impact rather than short-term gains."I care about three things, and only three things," Frederik explained. "Operational resilience, education and regulation, and adoption." This philosophy has guided Cardano's operations since 2017, during which time the blockchain has not missed a single block.We talk about some significant developments in Latin America, particularly Cardano's growing presence in Brazil and Argentina through educational partnerships with major organizations like Petrobras and SERPRO in Brazil, and UTN Buenos Aires in Argentina.Key Takeaways:* Long-Term Vision: Unlike most blockchain projects, Cardano Foundation optimizes for 10-20 year outcomes, with governance structures designed to maintain mission consistency* Building to Become Obsolete: The Foundation uniquely aims to work itself out of existence, measuring success by how well it can enable decentralization without remaining necessary* Major Brazilian Partnerships: Educational collaborations with Petrobras (Brazil's state-owned energy company) and SERPRO (Brazil's largest state-owned IT company) are advancing blockchain implementation in critical infrastructure* Argentina Ecosystem: Cardano is working with UTN Buenos Aires (Argentina's largest engineering university) and the state of Entre Rios to create a blockchain startup hub* Pragmatic Approach to Regulation: Frederik shared insights from his experience with EU's MiCA regulations that could benefit Latin American regulators* Public Blockchain for Public Good: The transparency and accountability features of Cardano could transform how governments demonstrate trustworthiness to citizensI enjoyed this conversation with Frederik and I hope you do as well. You can connect with him on Linkedin. -AWS🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsBrazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

Olá pessoal! I’m excited to share a panel that I hosted at Merge Buenos Aires last month as a special edition of Brazil Crypto Report. This conversation explored how banks and TradFi institutions are looking at digital assets in 2025, and gave a behind the scenes look into the U-turn that we’re seeing happening in real time. The discussion highlighted a paradigm shift in crypto markets — transitioning from retail-driven enthusiasm to institutional leadership. This evolution comes as regulatory frameworks like MiCA in Europe and policy changes in the U.S. have created a more hospitable environment for traditional financial institutions to engage with digital assets.Our panelists included:- ⁠Coty de Monteverde⁠, Global Blockchain CTO at Banco Santander- ⁠Kaushal Sheth⁠, Head of US Sales at BlockDaemon- ⁠Federico Goldberg⁠, CEO at Manteca- ⁠May Michelson⁠, Director of Global Sales at GK8 by Galaxy🇧🇷Brazil Crypto Report now has an English language Telegram community!Key Insights:* Regulatory Clarity Driving Adoption: With MiCA implementation in Europe and policy shifts in the US, banks are rapidly forming blockchain teams and developing digital asset strategies* Regional Adoption Patterns: While European banks are responding primarily to regulatory clarity, Latin American institutions are being driven by customer demand and economic factors like inflation* Institutional Focus Areas: Banks and financial institutions are particularly interested in three key areas:* Bitcoin as an investment asset* Stablecoins for payments and cross-border transactions* Tokenization of traditional assets* Security Standards Evolution: Financial institutions require institutional-grade security protocols that far exceed typical crypto exchange standards, with particular emphasis on custody solutions and smart contract security* Bank-Backed Innovation: Santander has pioneered blockchain initiatives for nine years, moving from enterprise use cases to digital securities, participating in CBDC projects, and offering crypto services in select markets* Implementation Considerations: When selecting partners, institutions should evaluate:* Regulatory compliance frameworks* Security infrastructure and protocols* Technical expertise and redundancy* Cost-effectiveness of build vs. buy strategiesThe panel noted that banks increasingly recognize that failing to enter the digital asset space means potentially losing customer engagement to more innovative players. As May Mickelson from GK8 observed, "Everybody down trying to get in... every bank is really pushing to have a blockchain team."I enjoyed this conversation and I hope you do as well! Big thanks to the Merge team for the opportunity!-AWS🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsBrazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

Olá pessoal!Today’s interview is with Lucas Danicek, founder and CEO of Nexa Finance. Lucas shares how he is using tokenization to create hyper-customized investment products for customers across the risk curve.Lucas has over 15 years of experience managing portfolios for some of Brazil’s wealthiest individuals and families. During that journey, he identified a critical pain point in traditional investment models: the lack of personalization and accessibility for alternative investments. Nexa Finance's solution uses blockchain and AI to create personalized investment products that can be directly tailored to the specific preferences and risk profile of an individual investor.This bottom-up approach is a direct inversion of the traditional model, whereby big institutions create generic products and then push them downstream on clients, Lucas explains:“Personalization is always putting the client in first place."The Nexa platform allows investors to specify their risk tolerance, desired returns, cash flow structure, and other preferences, then builds a customized token portfolio combining various assets. This "private ETF" approach is generating impressive returns—approximately 18.4% IRR in Brazilian reals so far, 6.4% above the CDI benchmark (the overnight lending rate for financial institutions). 🇧🇷Brazil Crypto Report now has an English language Telegram community!Key takeaways from the conversation:* Alternative investments represent roughly 20% of global assets under management, but generate 50% of industry returns. However, they remain largely inaccessible to most Brazilian investors* Nexa Finance's tokenization approach addresses key barriers: high minimum investment amounts, illiquidity, geographical limitations, and lack of transparency* The platform has already tokenized approximately 65 assets and issued 55 tokens, with six completed investment cycles* Nexa Finance is launching its B2B platform on May 1st, enabling asset managers, investment advisors, and private banks to build customized products for clients* Danicek argues that tokenization parallels the transformation ETFs brought to traditional markets and that it's poised to become the next major financial innovation — a claim seconded by Blackrock CEO Larry Fink* Current regulatory frameworks for qualified investors are being challenged by personalization technology that can create products perfectly suited to individual needsAlso, Nexa recently released the Brazil Tokenization Report, a comprehensive 65-page analysis of the country's developing tokenization ecosystem, available in both Portuguese and English. Definitely worth a read if you’re interested in further exploring the country’s tokenization ecosystem.I enjoyed this conversation with Lucas and I hope you do as well. You can connect with him on Linkedin. -AWS🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsBrazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

Olá pessoal!Today’s episode is a special interview recorded on site at Merge Buenos Aires last month.I had the pleasure of chatting with Bruno Grossi, who is Head of Emerging Technologies and Digital Assets at Banco Inter, which is Brazil's first digital bank. Our conversation dives into how this pioneering financial institution is leading blockchain integration, participating in Brazil's Drex CBDC project, and preparing for a quantum future.Grossi, with over 25 years in technology and involvement with blockchain since 2017, offers some great insights into how Banco Inter transformed from a small local financial institution into an innovative digital banking powerhouse. As the first bank to convince Brazil's Central Bank to allow account opening without physical documentation back in 2005, Banco Inter sparked Brazil's digital banking revolution long before fintech became mainstream.🇧🇷Brazil Crypto Report now has an English language Telegram community! Key Highlights:* Super App Innovation: Banco Inter created Brazil's first banking super app in 2018, integrating non-financial products like marketplace shopping, food delivery, and even mobile phone service directly within their banking platform.* Drex’s Revolutionary Design: Unlike most CBDCs that operate within central bank networks, Brazil's Drex uses a truly decentralized model where each participating bank runs its own blockchain node, allowing the network to function even if the central bank goes offline.* Transformative Use Cases: The Drex pilot has already demonstrated peer-to-peer government bond trading through smart contracts. Banco Inter is now working on trade finance and credit card receivables tokenization use cases within the pilot that could dramatically reduce costs and increase access for small businesses.* Cross-Border Collaboration: Banco Inter is partnering with Microsoft and Chainlink to solve cross-border liquidity problems between different CBDCs and blockchain systems in Asia.* Quantum Future: Grossi believes quantum computing will impact financial systems within five years, requiring new algorithms but potentially revolutionizing credit risk analysis, portfolio optimization, and personalized banking services.The conversation concludes with Grossi's outlook for 2025, including the anticipated regulatory framework for crypto and tokenization in Brazil and the growing role of stablecoins in cross-border payments—already surpassing credit card usage globally.For anyone interested in the future of digital banking, blockchain integration, or how emerging technologies are reshaping financial services in Latin America's largest economy, this interview provides invaluable front-line perspectives from one of the industry's true innovators.You can connect with Bruno on Linkedin-AWS🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsBrazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

Olá pessoal!For week’s podcast I caught up with Arnold Lee, co-founder CEO of Sphere Labs, on a recent trip to Sao Paulo. We discuss how Sphere has found product market fit using stablecoins for cross-border payments, and why Latin America is positioned as a critical region for stablecoin adoption in 2025.Arnold explains Sphere's core offerings: SpherePay, a cross-border payments API utilizing the "stablecoin sandwich" method, and SphereNet, an account ledger built on the Solana virtual machine designed for financial institutions. The stablecoin sandwich approach converts local currency to a stablecoin (typically USD-based) before converting to the destination currency, providing better liquidity and rates than direct currency pairs might offer.Key Takeaways:* Stablecoin Infrastructure: Sphere has built what they believe is the world's fastest on/off-ramp for cross-border payments without taking credit risk, processing billions of dollars annually.* Emerging Markets Focus: The company specifically targets emerging markets where traditional financial access is limited, with Latin America being particularly important for adoption.* Beyond Efficiency: Arnold frames stablecoins not just as efficiency plays but as opportunity enablers that can unlock structural "deadweight loss" by allowing entrepreneurs in smaller countries to access global markets without relocation.* B2B Emphasis: Sphere primarily serves B2B clients including import/export businesses (across metals, fabrics, oil, raw materials) and fintechs managing treasury operations.* Growth Trajectory: Sphere has scaled its team from 7 to 28 people and from processing millions to billions in transaction volume in a short timeframe.Lee's personal background informs Sphere's mission. As the child of Korean immigrants and co-founding the company with a fellow immigrant to the US, he understands firsthand the challenges of capital movement across borders.The conversation highlights how stablecoins are gaining legitimacy, particularly following Stripe's acquisition of Bridge - a moment Lee describes as directionally similar to Facebook's Instagram acquisition that transformed perceptions of an emerging technology.For 2025, Sphere is investing in Latin American expansion through local hiring, sales teams, compliance infrastructure, and partnerships to provide faster, cheaper, and more robust cross-border payment solutions in the region.I really enjoyed this conversation with Arnold and I hope you do as well. You can connect with him on Linkedin-AWS🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsBrazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

Olá pessoal!Greetings from Buenos Aires where the Merge BA conference has just concluded. It was great to connect with readers and listeners from around the region throughout the week. Today’s episode is a Portuguese language crossover that I recorded with João Pedro Malar, host of Exame’s Future of Money podcast — one of the most influential crypto podcasts in Brazil. We discuss my experiences and views on crypto in Brazil having covered it for three years via this newsletter and podcast, and we talk about some other recent market developments. While I’m obviously more comfortable speaking in English, this was a fun opportunity to share more about my story and why I’ve invested the last decade of my life into building a career in crypto. I try to avoid talking about myself too much, but this was a fun episode where I had the chance to share more of my personal and professional story. I hope you enjoy! You can find the Future of Money version of this episode here. You can connect with João on Linkedin-AWS🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsBrazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

💡 If you haven't already be sure to check out Merge Buenos Aires, which takes place March 24-26 in the Argentine capital. The conference is an exciting opportunity to connect Europe and Latin America through Web3 and will provide a great pulse check on crypto adoption in the region. I'll be attending and I hope to see some of you there as wellOlá pessoal! For today’s episode I’m joined by Andre Portilho, Head of Digital Assets at BTG Pactual, to discuss the rapidly evolving cryptocurrency landscape over the first two months of 2025. Recorded at BTG Pactual's studios in São Paulo, this conversation offers valuable insights into market trends, regulatory developments, and the future of digital assets.Our discussion comes at a pivotal moment for crypto markets, which have experienced significant volatility following the initial euphoria of the Trump administration. Portilho brings a unique perspective as a seasoned trader with deep experience in both traditional and crypto markets, offering a balanced view of recent developments and long-term potential.Key Takeaways:* Bitcoin's Decoupling from Alts: The introduction of Bitcoin ETFs has redirected most new capital inflows toward bitcoin, increasing its market dominance to >60% and creating a separation between bitcoin and altcoins in terms of market performance* Market Correlation Reality: Despite years of discussing "decoupling," crypto remains highly correlated with traditional risk assets, especially during market stress periods. As Portilho notes: "We tend to look just at crypto. But right now, crypto is a part of everything else related to macro and risk assets."* Ethereum's Challenges: The ETH/BTC pair has struggled, reflecting Ethereum's difficulty in establishing a compelling narrative despite achieving its technical scaling goals through L2 solutions. Questions remain about value accrual to the token itself amid fierce competition from competitors like Solana* Brazil's Leadership Position: Brazil stands out globally with exceptional integration between traditional financial institutions and crypto. Four major banks in the country now offer crypto directly to clients—far ahead of Europe or the US.* Regulatory Progress: Brazil's Central Bank has conducted thorough public consultations on crypto regulation, with a framework expected to be implemented in the second half of 2025. While setting a high regulatory bar initially, this collaborative approach positions Brazil well for the future.🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsDespite current market challenges, Portilho remains optimistic about the long-term transformation of finance through crypto: "Every bank will become a crypto bank... the new rails will be this. I'm quite confident of that. We're just beginning in this process. This is not something that will happen in two or three years. This is a movement that will last the next 10-20 years."For listeners both inside and outside of Brazil, this conversation offers valuable context on where we are in crypto's adoption cycle and how traditional institutions are positioning themselves for the future of finance.You can connect with Andre on LinkedinThanks for watching/listening, and we’ll see you at Merge Buenos Aires in a couple of weeks!-AWSBrazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 Friendly reminder that you can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple PodcastsOlá pessoal! For today’s episode I talk to Paula Pascual, who is founder and CEO of Merge, which is an exciting Web3 events brand that aims to create connections between Latin America, Europe, and the global blockchain ecosystem.After five years of working in the blockchain division at Santander in Madrid, Paula identified a significant gap: Latin America, despite its high crypto adoption rates, remains underrepresented at international blockchain conferences and generally across the global crypto community. This observation led her to launch Merge, which hosted its first international event in Madrid in October 2024 and is now preparing for its Buenos Aires edition later this month.🇧🇷Brazil Crypto Report is excited to be a media partner of Merge Buenos Aires, which takes place March 24-26 in the Argentine capital! Key Highlights:* Market Opportunity: Latin America shows remarkably high crypto adoption rates, making it a prime target for protocols and exchanges, yet remains underrepresented in terms of global mindshare* International Bridge: Merge aims to bring together regulators, traditional financial institutions, and crypto innovators to facilitate meaningful dialogue between Latin America and Europe* Strategic Timing: The Buenos Aires event comes at a critical moment for Argentina's crypto ecosystem, offering an opportunity to demonstrate industry legitimacy amid recent challenges* Partnership Approach: We discuss Merge’s approach to complementing and partnering with local communities in the region * Beyond Business: The conference will feature three stages (main, business and technical), plus some unique Argentine cultural experiences including concerts, digital art exhibitions, and immersive activitiesLooking Forward:Paula will be hosting the second edition of Merge Madrid in the second half of the year and looks to host another Latam edition in the first half of 2026. While Madrid will remain the European hub, the Latam editions will rotate based on market developments and regulatory progress. Brazil appears to be the likely next destination given its advanced institutional market. 🎉You can connect with Paula on Linkedin. Thanks for watching/listening, and we’ll see you at Merge Buenos Aires in a couple of weeks! -AWSBrazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

💡 If you haven't already be sure to check out Merge Buenos Aires, which takes place March 24-26 in the Argentine capital. The conference is an exciting opportunity to connect Europe and Latin America through Web3 and will provide a great pulse check on crypto adoption in the region. I'll be attending and I hope to see some of you there as well🙌 If you enjoy this content, please consider dropping a like or giving a 5-star rating to BCR wherever you listen to podcasts! YouTube | Spotify | Apple PodcastsOlá pessoal and happy Carnaval! For today’s episode we’ve assembled several key players from Drex ecosystem to discuss a new report from the Central Bank of Brazil analyzing Phase 1 of the Drex pilot. * Marcos Viriato, CEO of Parfin — whose Rayls solution is being used extensively in the testing* Leandro Sciammarella Pereira, Technology Lead at Núclea Digital Asset, which leads one of the 16 consortia participating in the pilot* Ricardo Paixão, technical adviser to the Brazilian Congress and coordinator of CRIA who has been involved in the Drex project since its very early daysFor those catching up, Drex is the ambitious CBDC/tokenization project that tries to thread the needle between the traditional wholesale and retail CBDC models. It’s the capstone project of the Brazilian Central Bank’s innovation agenda, which has successfully rolled out Pix and Open Finance over the last five years.Phase 1 of the Drex pilot concluded last June, and Brazil’s Central Bank released last week a 70+ page technical report last week highlighting the successes and blockers while noting that a “major adaptation” will be needed for Drex to become a core piece of Brazil’s financial infrastructure. This conversation with Marcos, Leandro and Ricardo addresses the report’s findings and addresses some of the negative reactions and FUD that circulated on social media and Whatsapp groups following the report’s publication.They argue that the findings weren't surprising or necessarily negative but rather confirmed technical challenges that the bank has been broadcasting publicly for some time now — specifically that of balancing the “DREX Trilemma” of: * Balancing privacy (shielding transaction details)* Maintaining composability (allowing smart contracts to interact)* Enabling programmability (supporting DeFi innovation)Managing expectations for a project of this size and scope is a critical, and it’s important to remember that this was a pilot that where the objective is to test, iterate, learn and improve. While the first phase of the pilot focused on testing privacy solutions, Phase 2 — now ongoing — is addressing the remaining challenges along with scalability concerns.The Central Bank's decision not to test additional use cases beyond the 13 already selected was viewed as pragmatic rather than problematic. With the existing use cases already covering tokenized real estate, credit receivables, and other key applications, expanding further would stretch limited resources.A significant challenge highlighted during the discussion was integration with legacy systems. As Leandro explained, connecting blockchain infrastructure with traditional banking systems requires building components "from scratch" - a complex undertaking beyond the technical aspects of the blockchain itself.The experts remained optimistic about the growth of tokenization in Brazil regardless of Drex’s timeline. "Companies are already tokenizing assets and doing business," noted Ricardo, pointing to ongoing market developments that will continue with or without the central bank infrastructure.Marcos concluded with a call for resilience: "The Central Bank is at the forefront of this innovation. Don't lose it... this infrastructure will be required for our nation."Have a great day everyone!-AWS🙌 🇧🇷Brazil Crypto Report is a free publication; if you wish to support us you can do so by hitting the button below👇Brazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance Now Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 If you enjoy this content, please consider dropping a like or giving a 5-star rating to BCR wherever you listen to podcasts! YouTube | Spotify | Apple PodcastsOlá pessoal!Today I’m joined by Rachel Conlan, Chief Marketing Officer at Binance, to discuss the exchange's remarkable growth and its strategic focus on Latin America. With over 20 years of marketing experience in advertising and entertainment, Rachel provides discusses how Binance has expanded to 250 million users globally while navigating regulatory challenges and a leadership transition.Her core objective now is to bring one billion total users onto the world’s largest crypto exchange.Key Takeaways:* Latin America leads global adoption: Binance’s user growth in Latin America grew an impressive 63% over the last year, significantly outpacing the global average of 56%* Community-first approach: Binance's marketing strategy revolves around education, transparency, and building meaningful connections through social platforms and in-person events.* Brazil as a crypto innovation hub: Brazilian users are among the most sophisticated, with high adoption rates of Binance products like Copy Trading, Earn, and Launchpool.* The power of education: In 2024, over 43 million people participated in Binance Academy courses, demonstrating the platform's commitment to crypto education.* Value-driven leadership transition: The successful transition from founder Changpeng Zhao to Richard Teng has been enabled by strong organizational values and a user-centric culture.Rachel describes Latin America as a testing ground for Binance's global strategy, noting that the region showcases "every type of use case for crypto" – from institutional adoption in Mexico to wealth preservation in Argentina. This diversity allows Binance to trial various approaches that can later be implemented in other markets.The conversation also touches on the changing perception of cryptocurrency, with Rachel highlighting 2024 as a "watershed year" following ETF approvals and increased institutional investment that has shifted the narrative from negative to optimistic.For those curious about entering the crypto space, Rachel emphasizes that "it's still early" and encourages newcomers to attend industry events and participate in communities. She also invites users to provide feedback through Binance's platforms to help strengthen the industry as it works toward the ambitious goal of reaching one billion users.You can connect with Rachel on X/Twitter and LinkedinHave a great day everyone!-AWS🙌 🇧🇷Brazil Crypto Report is a free publication; if you wish to support us you can do so by hitting the button below👇Brazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowPowered by hydroelectric energy from the ITAIPU Dam, Morphware provides high-performance compute to run, train, and build your AI apps and agents.One of the greatest expenses when it comes to building AI applications is the compute. Morphware provides a gateway to accessible compute for AI development.Using abundant clean energy from Paraguay, NVIDIA’s highest performing GPU servers, and bitcoin mining infrastructure Morphware offers some of the most competitive prices for compute in the industry.Follow on X @Morphwareai and join the Telegram to be a part of the communityRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 If you enjoy this content, please consider dropping a like or giving a 5-star rating to BCR wherever you listen to podcasts! YouTube | Spotify | Apple PodcastsOlá pessoal!The notion of Pop-Up cities has recently emerged as a fascinating experiments in combining technology, governance, and community building. These attempt to be a real-life manifestation of the “Network State” concept pioneered by Balaji Srinivasan and others. We’ve seen these initiatives spring up in Montenegro, Thailand, Honduras and Argentina over the last couple of years, and 2025 will be the year Brazil gets its own edition. Ipê City will take place in Florianópolis, Brazil’s Silicon Valley, April 22 - May 22 with an aim to rethink technological innovation and societal progress in Brazil.For this episode, I talk to Ipê core team members Jean Hansen — a veteran of various “network state” initiatives, and Victor Cioffi, formerly of the Solana Superteam and co-founder of the Bankless Brasil DAO. According to Jean and Victor, Ipê City represents more than just another tech gathering – it's an attempt to create a sandbox for innovation where 150-200 talented individuals prototype solutions to real-world challenges in health, finance, governance, and education in Brazil. Like other “pop-up city” concepts, it offers month-long immersive experience where participants can work, collaborate, and build in a supportive community environment.Key Takeaways:* Ipê City will run weekly cycles where residents pitch ideas on Mondays and present prototypes to investors and stakeholders on Saturdays* The project focuses on four main pillars: health, finance, governance, and education* There will be a heavy focus on AI tools and platforms offering no-code development* The initiative aims to foster a tech-optimistic culture in Brazil while creating practical solutions* The venue is located in Florianópolis's Jurerê Internacional neighborhood, offering a blend of work and lifestyle benefitsFor those interested in being part of this exciting initiative, you can apply at ipe.city. You can also find detailed documentation available at docs.ipe.city.You can also join the Ipê City Telegram group or Discord server to learn more. I also highly recommend Jean’s Network Society documentary film that tells the story of Honduras’ Prospera Island👇You can connect with Jean and Victor on Linkedin and X/Twitter.Have a great day everyone!-AWS🙌 🇧🇷Brazil Crypto Report is a free publication; if you wish to support us you can do so by hitting the button below👇Brazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowPowered by hydroelectric energy from the ITAIPU Dam, Morphware provides high-performance compute to run, train, and build your AI apps and agents.One of the greatest expenses when it comes to building AI applications is the compute. Morphware provides a gateway to accessible compute for AI development.Using abundant clean energy from Paraguay, NVIDIA’s highest performing GPU servers, and bitcoin mining infrastructure Morphware offers some of the most competitive prices for compute in the industry.Follow on X @Morphwareai and join the Telegram to be a part of the communityRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 If you enjoy this content, please consider dropping a like or giving a 5-star rating to BCR wherever you listen to podcasts! YouTube | Spotify | Apple PodcastsOlá pessoal!Danielle Teixeira is a Program Manager for Innovation at FENASBAC. We discuss how the organization has evolved from a Central Bank employee association to become a crucial intermediary between regulators and financial innovators and builders in Brazil.FENASBAC operates several accelerator programs, including LIFT Lab and the NEXT Accelerator, which are designed to foster innovation while maintaining productive dialogue between startups and regulators. The organization's unique position as a non-profit allows it to create a neutral ground where both established institutions and emerging companies can collaborate effectively.The current NEXT Accelerator program features prominent sponsors including Banco do Brasil, Ripple, and Mercado Bitcoin, focusing on challenges ranging from blockchain implementation to tokenization of real-world assets. The program stands out for its commitment to facilitating tangible business opportunities while providing mentorship without taking equity from participating startups.Key Takeaways:* FENASBAC's programs have been instrumental in shaping Brazil's approach to financial innovation, including the development of Pix, Drex and real world asset tokenization* The NEXT Accelerator program is free for startups and allows them to retain full intellectual property rights of their proofs of concept* International startups are welcome to participate, with previous participants including companies from Belgium and other countries* Current blockchain-focused challenges include developing use cases for Ripple's XRPL and creating innovative applications RWAs using Mercado Bitcoin's platform.The program is in the process of expanding to work with the CVM (Brazil's securities regulator) on new initiatives aimed at fostering innovation in capital markets (more details on that to come).FENASBAC's approach has helped create what Teixeira describes as a "safe space" for dialogue between regulators and innovators, contributing to Brazil's position as a leader in financial innovation. For fintech companies and entrepreneurs interested in entering the Brazilian market, FENASBAC's programs offer a structured pathway to engage with regulators and established financial institutions.You can connect with Danielle on Linkedin. Have a great day everyone!-AWS🙌 🇧🇷Brazil Crypto Report is a free publication; if you wish to support us you can do so by hitting the button below👇Brazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowPowered by hydroelectric energy from the ITAIPU Dam, Morphware provides high-performance compute to run, train, and build your AI apps and agents.One of the greatest expenses when it comes to building AI applications is the compute. Morphware provides a gateway to accessible compute for AI development.Using abundant clean energy from Paraguay, NVIDIA’s highest performing GPU servers, and bitcoin mining infrastructure Morphware offers some of the most competitive prices for compute in the industry.Follow on X @Morphwareai and join the Telegram to be a part of the communityRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 If you enjoy this content, please consider dropping a like or giving a 5-star rating to BCR wherever you listen to podcasts! YouTube | Spotify | Apple PodcastsOlá pessoal!Today’s episode is the soft-launch of a special mini-series called Bits & Borders that will take us on a country-by-country tour exploring crypto adoption across Latin America. Each episode will spotlight a different country and map out the various adoption trends, entrepreneurial energy and regulatory environment in that specific nation. 🔥The first stop on our tour is: Guyana! As Guyana emerges as one of the world's fastest-growing economies thanks to major oil discoveries, the conversation around digital asset adoption becomes increasingly relevant. Tony Edward, host of the popular Thinking Crypto Podcast, shares his unique perspective as a Guyanese native on the intersection of traditional finance, crypto, and economic development.🗝️Key Takeaways:* Guyana's recent oil discovery has transformed the country's economic landscape, making it one of the fastest-growing economies globally* Traditional currency challenges persist, with many Guyanese preferring US dollars over local currency* USDC and stablecoins could serve as an ideal entry point for crypto adoption, given the population's familiarity with USD* Young, tech-savvy Guyanese are showing increasing interest in cryptocurrencies, primarily through peer-to-peer transactions* Limited infrastructure and few formal on-ramps currently pose challenges to wider adoption of crypto assets in the country Tony emphasizes that while formal crypto infrastructure remains limited in Guyana, the younger generation's technological literacy and smartphone penetration could drive future adoption. The country's historical relationship with currency debasement and strong ties to the US dollar make stablecoins a particularly compelling entry point for mainstream adoption.As Guyana continues its economic transformation, the opportunity for digital asset integration grows. The combination of increasing wealth from oil revenues, a young population comfortable with digital technology, and existing currency challenges creates fertile ground for crypto adoption.Looking ahead to 2025, Edward sees broader global trends - including institutional adoption and political support - potentially accelerating crypto acceptance in emerging markets like Guyana.You can connect with Tony on Linkedin and follow him on X/Twitter. Have a great weekend everyone!-AWS🙌 🇧🇷Brazil Crypto Report is a free publication; if you wish to support us you can do so by hitting the button below👇Brazil Crypto Report is presented byBinance is the largest platform for trading of digital assets. With over 250 million users around the world, the exchange offers over 350 trading pairs, best-in-class products and services for investors, and advanced tools for institutions players.Binance currently holds over US$ 160 billion in user assets under custody and reached a cumulative historical trading volume of $100 trillion in 2024, showcasing the trust placed in it by users worldwide.With user-focus at the core of its DNA, Binance continuously invests to increase usability, bring new features and deepen security.Liquidity matters. Security is non-negotiable. Join Binance NowPowered by hydroelectric energy from the ITAIPU Dam, Morphware provides high-performance compute to run, train, and build your AI apps and agents.One of the greatest expenses when it comes to building AI applications is the compute. Morphware provides a gateway to accessible compute for AI development.Using abundant clean energy from Paraguay, NVIDIA’s highest performing GPU servers, and bitcoin mining infrastructure Morphware offers some of the most competitive prices for compute in the industry.Follow on X @Morphwareai and join the Telegram to be a part of the communityRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 If you enjoy this content, please consider dropping a like or giving a 5-star rating to BCR wherever you listen to podcasts: YouTube | Spotify | Apple PodcastsOlá pessoal!BCR had the privilege of hosting a panel session at the inaugural Brazil House at the World Economic Forum in Davos, Switzerland last week. I’m delighted to be able to release the full discussion as a special edition of the BCR podcast. Our panel of industry leaders discussed Brazil's ascendance in the global digital assets ecosystem and its remarkable convergence of fintech and crypto innovation and traditional finance. The discussion featured:* Andre Portilho, Head of Digital Assets at BTG Pactual* Caroline Malcolm, Visiting Fellow at Oxford University* Dante Disparte, Chief Strategy Officer at Circle* Alan Cohn, Partner at Steptoe, LLCWe discussed several key developments shaping Brazil's digital asset landscape:* Every major Brazilian bank now maintains digital asset initiatives, with BTG Pactual and Nubank playing significant roles* How Circle's USDC partnership with Nubank reaches 100 million customers, marking a significant milestone in stablecoin adoption* The Central Bank of Brazil's DREX initiative advances as a pioneering hybrid wholesale CBDC model* Comprehensive digital asset regulations expected in 2024, positioning Brazil as a regional leader in regulatory frameworkThe panel highlighted how Brazil's three-phase modernization strategy - beginning with PIX, advancing through Open Finance, and culminating in DREX - demonstrates the country's methodical approach to financial innovation. This strategy, coupled with a tech-savvy population and forward-thinking regulatory environment, positions Brazil as a potential blueprint for other nations exploring the integration of traditional and digital finance.What distinguishes Brazil's approach is its balanced consideration of innovation and stability. While embracing digital asset adoption, the country maintains strong oversight of capital flows and monetary sovereignty, creating a model that other emerging markets might follow.This conversation provided a great insider vs outsider perspective on the state of crypto in Brazil as it sits right now, and it was an incredible opportunity to share what’s happening in Brazil with business and political leaders from around the world. Have a great weekend everyone!-AWS🙌 🇧🇷Brazil Crypto Report is a free publication; if you wish to support us you can do so by hitting the button below👇Brazil Crypto Report is presented byPowered by hydroelectric energy from the ITAIPU Dam, Morphware provides high-performance compute to run, train, and build your AI apps and agents.One of the greatest expenses when it comes to building AI applications is the compute. Morphware provides a gateway to accessible compute for AI development.Using abundant clean energy from Paraguay, NVIDIA’s highest performing GPU servers, and bitcoin mining infrastructure Morphware offers some of the most competitive prices for compute in the industry.Follow on X @Morphwareai and join the Telegram to be a part of the communityRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 If you enjoy this content, please consider dropping a like or giving a 5-star rating to BCR wherever you listen to podcasts: YouTube | Spotify | Apple PodcastsOlá pessoal!This week we have Part Two of our two-part conversation with Antonio Neto, former head of FTX for Brazil and Latam, who provides a unique perspective on the exchange's dramatic collapse and Sam Bankman-Fried's recent conviction.Key takeaways and implications:* Regulatory Landscape: FTX was reportedly close to securing special SEC treatment, highlighting the delicate balance between innovation and oversight in crypto markets* Institutional Integration: Prior to collapse, FTX Brazil was in advanced discussions with major banks, indicating growing mainstream financial sector interest* Market Impact: Approximately 20-30,000 Brazilian users were affected, demonstrating significant retail market penetration* Risk Management: The collapse revealed critical gaps in asset segregation practices, prompting industry-wide reassessment* Corporate Governance: The lack of clear organizational structure and risk management protocols inside FTX proved fatal* Antonio lost significant personal assets in FTX's collapse and had to pay hefty WeWork contract terminations out of pocket* Antonio’s experiences working out of the FTX Bahamas compound* Antonio believes SBF's 25-year sentence was too lenient given the scale of damage to the crypto industryPost-FTX, Antonio has focused on building Vega Crypto, which helps international companies enter Brazil's crypto market. He's also leading Ethereum Brasil and working to build the country’s Web3 builder community while expanding its profile internationally. I really enjoyed hearing about Antonio’s experiences and first-hand view of one of the pivotal events in crypto’s history. I hope you find it valuable as well. Have a great weekend everyone!-AWS🙌 🇧🇷Brazil Crypto Report is a free publication; if you wish to support us you can do so by hitting the button below👇Brazil Crypto Report is presented byPowered by hydroelectric energy from the ITAIPU Dam, Morphware provides high-performance compute to run, train, and build your AI apps and agents.One of the greatest expenses when it comes to building AI applications is the compute. Morphware provides a gateway to accessible compute for AI development.Using abundant clean energy from Paraguay, NVIDIA’s highest performing GPU servers, and bitcoin mining infrastructure Morphware offers some of the most competitive prices for compute in the industry.Follow on X @Morphwareai and join the Telegram to be a part of the communityRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe