Brazilians’ Businesses broke the Crypto Purchase record again in October 2022

As per the latest information from the Brazilian tax authority (RFB), organizations have again broken crypto purchasing records in Brazil. 42,000 companies bought some sort of cryptocurrency throughout October and set a new record that overturns the previous set record of 40,161 in September. 

A growing number of businesses introduced crypto as a part of their new wealth in Brazil. 

According to the last data issued by the Brazilian tax authority (RBF), which has the power by law to receive crypto purchasing statements from the citizens and businesses in Brazil, almost 42,000 companies bought some cryptocurrency during October. 

Month-by-month companies are breaking the record from 40,161 institutions buying cryptocurrency in a month to 41,817 and lastly to 42,000. It has also been seen the individuals’ purchasing capacity of cryptocurrency fell from September to October, to 1.265.818 from the almost 1.5 million citizens.

The business in Brazil has been stockpiling its account with cryptocurrency and taking the advantage of the low prices at the current market. Whereas the citizens are sacred after the FTX, one of the biggest cryptocurrency exchanges, went bankrupt. 

USDT Remains at the Top, BRZ Rises

USDT or Tether, the dollar-backed stablecoin, was used for the transaction and purchasing of cryptocurrency in Brazil. Almost $1.8 billion were transacted using USDT in almost 119,366 transactions. 

The rise of USDT in Brazil also has some significance from the third parties offering to connect their traditional financial system with USDT. 

TecBan, a Brazillian ATM provider was integrated with the services of Smartpay, a cryptocurrency service provider company. To allow customers and traders and users to convert USDT to fiat currency in more than 24,000 ATMs.

Bitcoin (BTC), still has secured the top position in the number of transactions, with 1.34 million, in which $190.2 million were transacted. BRZ, the local real pegged stablecoin, registered the second largest number of transactions with 693,086. These transactions were made on FTX.

 

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