Magalu, the financial arm of Magazine Luiza (MGLU3), is selling cryptocurrencies to 37 million customers, the company announced on Thursday (19).
The platform starts by offering three crypto assets: Bitcoin (BTC), Ethereum (ETH), and US Dollar Coin (USDC), which is equivalent to the dollar.
Fractions can be purchased from R$1, via the MagaluPay app, with Mercado Bitcoin mediating the negotiations and custody.
“For many of these customers, this will be their first contact with crypto assets and an opportunity to start investing in cryptocurrencies, starting from 1 riyal,” says Fabio Muracami, Product Manager at MagaluPay. “We will show that cryptocurrency transactions are not a big deal.”
According to a survey conducted by Consensys and YouGov, Brazil is the second country in the world with the highest awareness of cryptocurrencies, with 98% of the population stating that they have heard of cryptocurrencies. Furthermore, 59% say they know what cryptocurrencies are. The country is trailed only by Nigeria, where 99% say they have knowledge of cryptocurrencies.
Magalu’s entry into the world of cryptocurrencies was announced in March. The company had mentioned the possibility of creating its own token, in line with what Mercado Livre did, using Mercado Coin. However, the project still has a launch date.
Cryptocurrencies had a challenging year in 2022, but 2023 was a year of recovery, especially for Bitcoin. The digital asset has accumulated gains of more than 70% this year, and for some analysts, there is still room for growth. On Friday morning (20), the virtual currency rose 5% amid expectations of the launch of the first US ETF (index fund) with direct exposure to BTC.
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