GMB - What is Bitso's position on the new regulation of sports betting and online gaming in Brazil?
Rodrigo Faria - In general terms, the new regulation will be crucial in ensuring that only companies committed to developing security and transparency mechanisms operate in Brazil. This represents a unique opportunity both for institutions that comply with the law and have the opportunity to expand their business, and for consumers who will know they are in a safe market.
Undoubtedly, companies that use a locally authorized payment platform have a competitive advantage, as this increasingly serves as proof of quality and reliability. This is an important factor in gaining the trust of Brazilians, especially for those who are hesitant about gaming as entertainment.
Bitso is already prepared to provide full support to betting operators and PSPs to operate in a regulated market in Brazil as soon as the new regulation comes into effect, including integration with PIX, eFX, and compliance with the Central Bank of Brazil's regulatory requirements.
What is Bitso’s latest addition to the Brazilian market?
We are announcing Bárbara Cabrera Espir as our new Country Manager for the country. She takes on this role at a time of strong growth for Bitso in the country and the expansion of B2B business through Bitso Business. In addition, she will continue to drive our mission to transform the financial sector, solidifying our position as a leader in innovation, accessibility and security, while actively collaborating with local authorities to build a safe and regulated market.
As the first woman to lead a cryptocurrency company in Brazil, Bárbara also has a personal mission to increase the number of women in the market, promoting greater education and financial independence. Previously, she served as VP of Legal for Latin America, being the first Brazilian hired by Bitso in 2019. Her journey includes the expansion of Bitso in Argentina, Colombia and Brazil, leading investment rounds and participating in several strategic partnerships, along with a strong track record in regulatory compliance.
Latin America has the highest preference for centralized exchanges among crypto users worldwide, making it a target for hacks and scams. How does Coincover's non-custodial disaster recovery service work?
The strategic partnership between Bitso and Coincover protects our operations against threats such as hacking and loss of access by integrating our cryptographic protocol infrastructure with Coincover's advanced security services.
This collaboration offers solutions that ensure rapid recovery in case of custody threats, allowing Bitso to quickly regain access in situations of operational or technological failures. Additionally, Coincover's risk prevention engineering monitors outgoing transactions in real-time to identify and mitigate security risks, complementing the fraud prevention measures already implemented by the company.
How long has Bitso been in the iGaming market?
Over the past two years, Bitso has consolidated the Bitso Business unit as a key provider of payment infrastructure based on blockchain technology, enabling global companies to pay and receive in local currency and transfer funds between countries in a regulated manner.
This has opened new opportunities for payment companies and digital services in general, especially in segments that have experienced exponential growth, such as iGaming. Pay-in, payout, and currency conversion services to stablecoins are available in Argentina, Brazil (eFX Crypto), Colombia, and Mexico.
Your strength lies in cryptocurrencies, and now you've entered with the Pix solution, being the only one on the market to offer this option. Is this how you intend to attract more bets?
What we did at Bitso Business was to combine Bitso's 10 years of experience transforming finance in Latin America with the best suite of services for companies around the world.
We believe that offering payment solutions via PIX, our ability to operate in fiat and crypto currencies, liquidity, simple APIs, and our regulatory coverage make us the most comprehensive option for global companies that move large amounts of money and want to expand their businesses to new markets like Brazil, being able to receive and make payments more economically, transparently, regulated, and quickly.
Approximately how many betting houses and operators are currently working with you in Brazil?
Due to client confidentiality, we cannot disclose details, but I can say that, being one of the few companies in the sector that is already prepared to offer a complete solution for international companies to operate in the regulated Brazilian market, our base has grown significantly over the past year.
Since we have full regulatory compliance, a payment institution license, PIX connection, technology, and 10 years of experience in Latin America, we can help institutions throughout the cross-border payment journey: from making and receiving local payments to international settlement and trading, whether in fiat currency or stablecoins.
What infrastructure for PSPs do you offer foreign companies to operate in the Brazilian market in a fully regulated manner?
The Bitso Business solution enables operators to receive and pay their bettors through PIX. We also work with PSPs, providing the infrastructure that foreign companies need to operate in the Brazilian market in a fully regulated way.
Through Bitso Business, we provide payment infrastructure that allows global companies and their clients to process payments in real-time through stablecoins in a regulated manner.
We use blockchain-based technology to enable institutions to carry out transactions transparently and more economically, eliminating the need for pre-funding. Our platform is built on a single, easy-to-integrate API with direct connections to local banking systems, enabling instant local and international transactions.
And because we operate under a unique regulatory model, we are able to serve companies worldwide, conducting transactions in the United States, Mexico, Brazil, Colombia, and Argentina.
How can a simple API integration help companies in the sector scale their businesses?
With a simple integration to the Bitso Business API, companies in the sector can access instant pay-in and payout services and automatic conversion to expand their operations in the Brazilian and Latin American markets: Argentina, Colombia, and Mexico.
This reduces operational costs, improves the end-user experience by offering fast and secure transactions, and allows companies to scale their business efficiently by automating and simplifying payment processing.
This technology is increasingly adopted by companies that move large volumes of funds and need high liquidity and speed in the settlement process. It is also ideal for businesses that aggregate multiple payment methods and require integration for several countries simultaneously.
Source: Exclusive GMB
