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Olá pessoal!
You’ve probably noticed a theme running through my most recent podcast episodes. Namely, large global cryptocurrency exchanges are prioritizing the Brazilian market in 2024 and are investing heavily in their presence here.
Over the last two weeks I spoke with representatives from Bitget and Coinbase, and for today’s interview I talk to Jason Lau and Guilherme Sacamone of OKX - which is one of the largest crypto spot and derivatives platforms in the world.
Despite its sheer size, OKX is taking a unique localized approach to launching in new markets. For example, you may have seen the news yesterday that it officially went live in Turkey, and in Argentina a few weeks ago before that.
OKX’s approach in Brazil is to offer products, experiences and compliance that resonate with local users - mimicking the success of the country’s homegrown platforms, but with the product portfolio, order book depth and liquidity that only a large global exchange can offer.
Here are some other key takeaways from my conversation with Jason and Guilherme:
• Tailored Product Offerings and Experiences
OKX is focused on building products and user experiences specifically for the Brazilian crypto market. This includes a simplified user interface, educational resources in Portuguese, popular local payment methods, and tokens and trading pairs relevant to users in the region.
• Compliance and Security as Competitive Advantages
OKX emphasizes regulatory compliance, platform transparency, and user security as key differentiators. This includes implementing local KYC requirements, participating in crypto associations such as ABCripto, and offering crypto insurance and monthly proof of reserves.
While OKX has a massive crypto derivatives business, Sacamone emphasizes that the exchange will not be offering these products to Brazilian users until there is a regulatory green light. He also adds that OKX intends to apply for a VASP license from the Central Bank of Brazil once that process opens up.
• Targeting Power Users First, then the Broader Population
While aiming to eventually serve all Brazilians, OKX is initially targeting more affluent and sophisticated crypto traders who want advanced trading features, but with a product that is simple enough for the average Brazilian to use. This top segment will provide product feedback to inform offerings for the wider market later as OKX grows its presence in the country.
Top Tier Partnerships
OKX has partnerships with global brands like Manchester City and McLaren that lend top-tier name recognition among local and global audiences.
Continuing Product Innovation
In addition to the spot exchange, OKX is continuing to build out its self-custody multi-chain wallet, a new ordinals marketplace, and its own Layer 2 blockchain which is expected to go live later this year.
I really enjoyed this conversation with Guilherme and Jason and I hope you do as well. You can connect with the both on Linkedin.
Have a great week everyone,
- AWS
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Episode #90: East Meets West as OKX Bets Big on Brazil