Olá pessoal! Welcome to 🇧🇷Brazil Crypto Report for the week of October 16-20, 2023! Bear markets in crypto are frequently full of one step forward, two steps back dynamics. This week was one of those for the Brazil market. We started off with some big news that Magalu had enabled crypto on its platform via a partnership with Mercado Bitcoin, only to learn that XP and PicPay (two other fintech giants) are winding down their crypto platforms just over a year after launching in response to low demand and regulatory uncertainty.