How Bybit Grew Trade Volume in Brazil by 200% with Transfero
One of the leading exchanges, Bybit increased its trading volume by $13 billion in the last few years, but one market had not yet been fully explored: LatAm. With Transfero BaaSiC, this challenge was overcome.
What Bybit Does?
Bybit is a top-five cryptocurrency exchange established in 2018 that offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support.
The Burden of Bureaucracy in LatAm
The Latin American market presents a fertile ground for crypto-friendly companies, characterized by its rapidly growing digital economy. According to a Chainalysis report, three countries in LatAm rank in the top 20 of the Global Crypto Adoption Index: Brazil (9th), Argentina (15th), and Mexico (16th).
This region, with its large unbanked population and fluctuating local currencies, shows a strong potential for crypto adoption, offering a unique opportunity for exchanges like Bybit. However, penetrating this market comes with its own set of challenges.
Bybit, a leading player in the global crypto exchange sector, faced the intricate task of expanding into Latin America and finding a reliable system for on- and off-ramp operations — a crucial aspect for ensuring seamless transactions for users converting between fiat and cryptocurrencies.
Guilherme Prado, Head of LatAm at Bybit.
Removing the Borders to Brazil
To overcome these hurdles, Bybit collaborated with Transfero BaaSiC, a strategic move that proved to be pivotal.
Bybit began to use Baasic, a product that offers a single API integration to explore various services from the banking, crypto, and financial systems. In this way, the company entered the Brazilian market without much difficulty, delivering the same differentiators that established the exchange as one of the world's leading platforms.
Another differentiator for Bybit to establish itself in the Brazilian market was the use of BRZ, the world's largest non-dollar stablecoin. Pegged to the Brazilian real, this asset became the gateway for Brazilian users who wanted to take advantage of all the exchange's offerings and services by simply making direct deposits with their local currency.
Growth and Expansion in LatAm
A key indicator of this success is the significant growth, quarter to quarter, of Brazilian users adopting Bybit as their primary cryptocurrency exchange platform. This uptick in user adoption underscores the relevance and appeal of Bybit's services in the Brazilian market, resonating with the needs and preferences of local crypto enthusiasts.
Moreover, a staggering 200% growth in trade volume in Brazil highlights the efficacy of the partnership. This impressive growth is not just a measure of increased transactional activity but also a reflection of heightened trust and confidence in Bybit’s platform among Brazilian users.
It's definitely a blueprint for companies aiming to expand into new and diverse markets.
Guilherme Prado, Head of LatAm at Bybit.
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