Over the last 2 years, the digital crypto platform Bitso has consolidated the Bitso Business unit as a key provider of payment infrastructure based on blockchain technology. In an exclusive interview with GMB, Rodrigo Faria, global head of product and engineering, discusses the importance of the betting law in Brazil to ensure security and transparency, highlighting the company's integration with Pix and compliance. The company also introduces the first woman to lead a cryptocurrency company in the country: Bárbara Cabrera Espir.
Games Magazine Brasil - What is Bitso's position on the new regulation of sports betting and online gaming in Brazil?
Rodrigo Faria
- In general, the new regulation will be important to ensure that only companies committed to developing mechanisms of security and transparency operate in Brazil. This represents a unique opportunity both for institutions that adhere to the law and will have the opportunity to expand their business further, 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 for entertainment.
Bitso is already ready to provide full support to betting operators and PSPs as soon as the new regulation comes into effect, so they can operate in a regulated manner in the Brazilian market, including connection with Pix, eFX, and compliance with the regulatory requirements of the Central Bank of Brazil.
What is the latest addition of Bitso to the Brazilian market?
We announced 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, Bárbara 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 carries a personal mission to increase the number of women in the market, promoting more education and financial independence. Previously she served as VP Legal for Latin America, was 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 various strategic partnerships, along with a solid track record in regulatory compliance.
Latin America has the highest preference for centralized exchanges among crypto users in the world, making them targets 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, integrating our cryptographic protocol infrastructure with Coincover's advanced security services.
This collaboration offers solutions that ensure quick 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 last 2 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 resources in a regulated manner between countries. This has opened new possibilities for payment and digital service companies as a whole, especially in segments that have seen exponential growth like iGaming. Services for pay-in, payout, and conversion of local currencies to stablecoins are available in Argentina, Brazil (eFX Crypto), Colombia, and Mexico.
Your strength is cryptocurrencies, and now you have entered with the Pix solution being the only one in the market to offer this option. Do you intend to attract more bets?
What we have done at Bitso Business is to combine Bitso's 10 years of experience transforming finances in Latin America, with the best set of services for companies around the world. We believe that offering payment solutions via Pix, our ability to operate in fiat and crypto currency, liquidity, simple APIs, and our regulatory coverage make us the most complete option for global companies that move a lot 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.
How many betting houses and operators approximately work with you in Brazil?
Due to the confidentiality of customer data, we cannot open details, but I can affirm that as we are one of the few companies in the sector that is already ready to offer the complete solution for international companies to operate in a regulated manner in the Brazilian market, our base has grown a lot in the last year.
As we have full regulatory adherence, payment institution license, connection to PIX, technology, and experience operating for 10 years in Latin America, we can assist institutions all the way in cross-border payments: from making and receiving local payments, to international settlement and trading, whether in fiat currency or stablecoins.
What is the infrastructure for PSPs that you offer to foreign companies to operate in the Brazilian market in a fully regulated manner?
The solution from Bitso Business 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 manner.
Through Bitso Business, we provide payment infrastructure that allows global companies and their customers to process payments in real time through stablecoins in a regulated manner.
We use blockchain-based technology to enable institutions to conduct transactions transparently and more economically, eliminating the need for pre-funding. Our platform is built on a single API easy to integrate, with direct connections to local banking systems, allowing instant local and international transactions.
And as we operate under a unique regulatory model, we are able to serve companies around the world, conducting transactions in the United States, Mexico, Brazil, Colombia, and Argentina.
How can a simple integration with API help companies in the sector scale their businesses?
From a simple integration to the API of Bitso Business, companies in the sector can have access to instant services of pay-in and payout and automatic conversion to expand their operations in the Brazilian market and in Latin America: 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 businesses efficiently, automating and simplifying the processing of payments.
This technology is increasingly adopted by companies that move large volumes of resources and that need high liquidity and speed in the settlement process. It is also ideal for businesses that aggregate multiple payment methods and demand integration for multiple countries at the same time.
Source: Exclusive GMB
