Brazilian companies break crypto buying records again in October – News Bitcoin News

According to the latest reports from the Brazilian Tax Authority (RFB), institutions have once again broken records for crypto purchases in Brazil. The organization recorded that almost 42,000 companies bought some kind of cryptocurrency during October, a new record that overturns the 40,161 that declared to have bought crypto during September.

Brazilian companies are buying crypto in waves

More and more companies are introducing crypto as part of their treasuries in Brazil. According to the latest data issued by the Brazilian Tax Authority (RBF), which is authorized by law to receive crypto purchase declarations from taxpayers, nearly 42,000 companies purchased some form of cryptocurrency during October.

These 41,817 companies that bought crypto broke the previous record number recorded in September when 40,161 institutions also broke the previous record. However, the number of individuals who bought crypto during the same period fell to 1,265,818 from the nearly 1.5 million citizens who bought crypto back in September.

This new record suggests that institutions have been hoarding as part of their treasuries and taking advantage of the low prices presented by the market. The impact of the recent demise of FTX, one of the largest cryptocurrency exchanges, on the confidence of Brazilian customers in the cryptocurrency market is not yet clear, given that the figures presented correspond to October.

USDT remains on top, BRZ rises

As in other opportunities, the reports also include data on the number of recorded transactions and the amount exchanged with each token. Following the trend of previous months, Tether’s USDT, the dollar-pegged stablecoin, was the token used to settle several funds in Brazil in October. Almost $1.8 billion was transacted with USDT in almost 119,366 operations.

This popularity is further enhanced by the functionality that third parties offer to connect USDT with the traditional financial system. On October 22, Smartpay, a cryptocurrency service provider, integrated its services with Tecban, a Brazilian ATM provider, to allow users to convert USDT to fiat currency at more than 24,000 ATMs.

However, bitcoin (BTC) still recorded the highest number of transactions, with 1.34 million, during which $190.2 million was moved. A local real-pegged stablecoin, BRZ, recorded the second largest number of operations, with 693,086. These operations were mainly done on FTX, according to reports, and it is uncertain whether this volume will be absorbed by other available markets. USDC and ETH complete the top five currencies with the most volume settled.

What do you think about the record number of companies buying cryptocurrency in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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