Brazilian exchanges register increase in the number of customers

Brazilian exchanges register increase in the number of customers

Figures reported by companies are in line with data released by the IRS of a growing number of transactions to buy and sell cryptoassets

Brazilian exchanges register increase in the number of customers

By Editorial Staff

The largest Brazilian exchanges of cryptoassets had an increase in the number of customers in March, according to information from Valor Investe. Foxbit, Mercado Bitcoin, BitcoinTrade and Binance reported growth between 15% and 30% in registrations compared to a year earlier.

The number of customers reported by Brazilian exchanges is in line with data released by the Internal Revenue Service, which shows an increasing number of transactions with cryptoassets in the country. In March, total transactions totaling R$ 8.8 billion were reported by taxpayers and exchanges.

According to the Brazilian website Cointrader Monitor, Brazilian exchanges reported having moved 395,209.48 bitcoins (about R$ 14 billion) in the 12 months between 1/4/2019 and 3/31/2020. Mercado Bitcoin acted on 30.58% of this volume of transactions, according to the most recent data from the site.

Also according to the site, in March the turnover rocketed 84.43% compared to the previous month. And when comparing the first quarter of 2020 with the same period last year, there was also a significant increase of 32.64%.

Increase in Brazilian exchanges reflects protection against crisis

These data show a growing demand for cryptoassets, especially at this time of crisis caused by the pandemic of the new coronavirus. Cryptoassets have been seen by some analysts as a protection against currency devaluation and turbulence in traditional markets.

See the data reported by the companies:

Foxbit

  • 10% increase in new registrations on its platforms in March compared to the average number of new entrants in 2019.
  • In the first quarter, there were 10.753 new registered customers.

Binance

  • Growth of 16.1% in the number of new customers in the first quarter of 2020
  • Increase of 24.9% in the overall balance of new registrations, compared to the last quarter of 2019.

BitcoinTrade

  • The total number of new registrations in March was 30% higher than the average of the company in the 12 months of 2019.
  • Increase [in volume] of deposits at the broker

Mercado Bitcoin

  • 20% increase in the number of new customers compared to the average of recent months.
  • Traded volume doubled in March and, in some days, it was five times higher than the daily average in 2019