Olá from Brazil

TLDR: A quick update about a key priority market from the International team. As we prepare to launch in Brazil, we have hired a Country Director, are building out an engineering team, and have engaged with regulators, financial institutions, and startup founders.

By Nana Murugesan, Fabio Plein

Company

, June 10, 2022

, 3 min read time

Olá from Brazil

At Coinbase, our goal is to promote economic freedom, and we believe the best way to do that is to get more people using crypto. That’s why it’s so important for us to expand internationally, and to make it easier for people around the world to join the crypto community.

As I shared in Lighting Up The Map: How Coinbase Plans To Scale Globally, we have adopted a go-broad and go-deep approach to further our mission around the world. Brazil is a go-deep priority market for us, which is why we’ve hired our new Country Director, Fabio Plein, to lead our work as we prepare to launch here.

Earlier this week, Fabio and I had the privilege to speak at the Valor Capital Crypto Conference about the opportunities for crypto in Brazil, as well as the importance of smart regulation, and our commitment to the Brazilian market. Valor Capital is a cross-border (US and Brazil) venture capital firm, founded by former US Ambassador to Brazil Clifford Sobel and Scott Sobel. Clifford and Scott were early investors in Coinbase, and have been immensely helpful in sharing their connections and expertise.

We believe the potential of crypto in Brazil is enormous. Crypto networks are open, allowing everyone to transact on shared networks, no matter where they live. That’s why crypto and web3 have the potential to change the way the world does business — from improving payments, to empowering microfinance projects, to providing a hedge against inflation, and access to capital.

Brazil is well positioned to lead Latin America and beyond with its approach to crypto. We are excited to see that Brazilian Central Bank Governor Roberto Campos Neto has launched dedicated policy initiatives related to blockchain, digital assets, and other innovations shaping the future of finance. And we want to support the kind of practical, thoughtful and clear regulation that will keep people safe without stifling innovation. That’s why we will keep listening and learning from regulators and policymakers’ priorities and concerns while at the same time collaborating on building a trusted and resilient crypto ecosystem. We want to be a constructive resource to the Brazilian government as they formulate a long-term strategy for how to build the cryptoeconomy.

We are building for Brazil from Brazil. So far, we have hired more than 40 full time engineers in Brazil. We offer all of the assets on the Coinbase Exchange for purchase via credit card payment. Brazilians can also take advantage of staking and use Coinbase Wallet.

We are also investing in the local startup ecosystem. Through Coinbase Ventures, we have invested in local companies, including Hashdex, a Brazilian crypto asset management firm and Bitso, a leading crypto exchange across Mexico, Argentina, and Brazil.

Brazil has always been open to financial innovation — while also laying the groundwork for clear and tailored regulation. We see Brazil as a key market for Coinbase’s entry into Latin America, and are thrilled to continue investing and building here.

Obrigado, Nana & Fabio

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Nana Murugesan

About Nana Murugesan

Nana Murugesan is the Vice President of International and Business Development at Coinbase where he leads the company’s international operations and global partnerships. Previously, he was the Managing Director of International Markets at Snap Inc. where he led Snapchat’s international expansion and strategic partnerships.

Earlier in his career, Nana was the Vice President and General Manager at Samsung, where he served in a number of strategy, partnerships, and operations roles to launch and grow their Galaxy smartphone and services business, notably Samsung Pay. He also held product roles at Cisco and strategy consulting roles at BCG.

Nana received his BE in Engineering from the University of Madras, MS in Engineering from the University of Wisconsin-Madison and MBA from The Wharton School at the University of Pennsylvania.

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