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The Paxful cryptocurrency marketplace wants to expand its operations in Brazil. To achieve it, the company announced the hiring of a local Country Manager. The announcement took place in the wake of the listing of BRZ stablecoin, first with collateral in reais, on the platform.

For the position of Country Manager of Brazil, Paxful chose Lucas Ferreira. According to a company statement, Ferreira already has a few years of experience in the crypto area. Therefore, he will be responsible for all the operations of the platform in Brazil. As the text said, strategic partnerships and “business development with a strong focus on education” are part of this list. Moreover, it will be up to him to strengthen relations with the local community and Paxful Peers. 

 The statement also points to BRZ as a token that helps “Brazilians protect their economies from devaluation and opens doors to the global crypto market”.

brazil crypto

Paxful sees Brazil as ‘breeding ground’ for crypto

The choice of Brazil is not free. The company believes that the country is a “breeding ground for the adoption of crypto”. This year alone, the company grew 170% in the country, with the volume of transactions increasing by 150%. For the company, this advance is due to the increased use of “digital money for remittances, as people seek cheaper solutions to transfer money”. Besides, it would also weigh the real devaluation, which causes people to look for alternative ways to make money.

Ray Youssef, co-founder, and CEO of Paxful said he sees “enormous potential in the country. Brazil is going through difficult economic times, and cryptocurrencies are a perfect way to make a real difference in people’s lives”, he concluded.

The expectation, Youssef explained, is that, with a manager for the country and a team dedicated to Brazil, the company can better meet the market’s needs.

In the statement, Ferreira says he expects to “take crypto adoption in the country to a new level”, along with Paxful.