December 24, 2024: In a significant move for the Brazilian cryptocurrency ecosystem, Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has officially integrated INJ, the native token of the Layer-1 Injective blockchain. This groundbreaking development was shared in a recent update on December 23, revealing that Mercado Bitcoin’s integration will provide over 3 million customers with seamless access to the Injective ecosystem.
The integration allows users to utilize fiat currencies, specifically the Brazilian Real, to transact within the Injective platform. This feature is not just a convenience; it opens doors for users to engage in various decentralized finance (DeFi) activities within the Injective network, which boasts an impressive total value locked of over $43 million, according to data from Defillama.
Merchants and individual traders using Mercado Bitcoin can now leverage INJ for a variety of purposes, including trading and liquidity provision. Notably, the price of INJ token surged by approximately 15.6% shortly after the announcement, climbing from a 24-hour low of $20.52 to $23.72, reflecting the market’s positive reception to this integration.
Founded in 2013, Mercado Bitcoin has not only become a leader in Latin America but has also been at the forefront of improving access to financial services in Brazil. The exchange is known for its strategic collaborations with various blockchain firm giants. In October 2024, it partnered with Ripple to facilitate faster and cheaper cross-border transactions, a move that showcases its commitment to innovation and ease of use for its users.
In addition to the recent partnership with Ripple, Mercado Bitcoin has also made headlines by becoming one of the first exchanges to list Ripple USD (RLUSD), Ripple’s dollar-pegged stablecoin, enhancing its offerings for users seeking stability amidst fluctuating crypto markets.
Furthermore, Mercado Bitcoin has established collaborations with global payment brands like Mastercard, which offers live transaction capabilities across Latin American and European corridors. These initiatives help solidify Mercado Bitcoin’s reputation as an innovator in the digital asset space.
As the cryptocurrency market continues to evolve, the integration of INJ on Mercado Bitcoin serves as a testament to the growing adoption and importance of decentralized finance platforms in facilitating everyday crypto transactions, reinforcing Brazil’s position as a prominent player in the global crypto arena.
With such integrations and partnerships, Mercado Bitcoin is set to pave the way for a more inclusive financial ecosystem in Latin America, enabling more users to tap into the benefits of blockchain technology.
