OKX Debuts 10% APY Stablecoin Savings + Mastercard Card in Brazil
Global crypto exchange OKX is now giving Brazilians easy access to the world of blockchain-based cash - the company has officially...
Quick overview
- OKX has launched OKX Pay and the OKX Card in Brazil, allowing users to easily convert Brazilian reais into stablecoins via the PIX payment system.
- Users can earn up to 10% annual interest on their stablecoin holdings, with daily interest payouts, enhancing passive income opportunities.
- The OKX Card, compatible with Apple Pay and Google Wallet, enables international payments without incurring Brazil's 3.5% IOF tax.
- This initiative positions Brazil at the forefront of crypto adoption in Latin America, promoting financial inclusion through innovative blockchain technology.
Global crypto exchange OKX is now giving Brazilians easy access to the world of blockchain-based cash – the company has officially gone live with OKX Pay & the OKX Card in Brazil.
This is a pretty huge milestone towards making crypto part of everyday life & it all went down in São Paulo. With a few clicks, users can now instantly turn their Brazilian reais into stablecoins which is a USD-denominated coin, all through the country’s PIX payment system – this makes it super easy to buy and sell stuff both at home and abroad.
OKX Pay also brings an annual interest rate of up to 10% – and this happens on a daily basis with the money being paid out weekly. You can earn some pretty nice passive income just by holding onto some stablecoins.
To make things even better, the OKX platform integrates with Brazil’s digital ID system for much faster & easier onboarding – which is a pretty big deal given the country’s growing love affair with all things Web3.
The Mastercard Card really does kill the IOF Tax
There’s also a new OKX Card, a Mastercard, with which users can make international payments wherever they are in the world and draw cash directly from their stablecoin balances.
This innovative little number is compatible with Apple Pay and Google Wallet, and it’s a real game-changer for anyone traveling or shopping online because it means you don’t have to pay that dreaded 3.5% IOF tax in Brazil.
According to OKX, using stablecoins means you can save around $39 when sending a grand abroad compared to doing it the old fashioned way. This is a pretty good example of how blockchain payments can be so much faster, more transparent, and cost-effective than traditional banking systems.
Key Benefits of OKX Pay and OKX Card:
- You can instantly swap your BRL for a USD stablecoin through the PIX system.
- You can get up to 10% APY with your daily interest getting paid out.
- No foreign transaction taxes with Mastercard payments.
- Global acceptance through Apple Pay and Google Wallet.
Getting Brazil connected to the rest of the World
OKX’s Guilherme Sacamone said that they want to give Brazilians a easy & cost-efficient way to access the entire global economy. This whole new world of financial services is powered by OKX’s X Layer blockchain, built on zero-knowledge proofs—this really does keep things secure, fast, and efficient.
The launch puts Brazil right at the forefront of the crypto adoption wave sweeping across Latin America. When you have an economy as volatile as Brazil’s, the use of stablecoins is rising fast—which could really help get more people into the financial system & using digital currency in one of the most dynamic fintech markets on the planet.
By making all this happen with some pretty innovative products, OKX is putting itself right at the heart of Brazil’s journey towards using even more digital currencies & doing away with those silly old boundaries that keep the world apart.
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