Brazilian companies break records again for crypto-currency purchases in October

The organization recorded that nearly 42,000 businesses purchased some sort of crypto currency during October, a new record that reverses the 40,161 that reported buying crypto in September.

Brazilian companies are buying crypto-currencies in waves

More and more companies are introducing crypto into their treasuries in Brazil. According to the latest data released by the Brazilian Tax Authority (RBF), which is empowered by law to receive taxpayers’ crypto-currency purchase declarations, nearly 42,000 companies purchased some sort of crypto-currency during October.

These 41,817 businesses that bought crypto broke the previous record recorded in September when 40,161 institutions also broke the previous record. However, the number of individuals who bought crypto-currencies during the same period fell to 1,265,818, while in September, nearly 1.5 million citizens bought crypto-currencies.

This new record suggests that institutions have been building up stocks as part of their treasuries by taking advantage of the low prices presented by the market. The influence of the recent demise of FTX, one of the largest cryptocurrency exchanges, on the confidence of Brazilian customers in the cryptocurrency market is not yet clear, given that the figures presented correspond to October.

USDT remains in the lead, BRZ rises

As on other occasions, the reports also include data regarding the number of transactions recorded and the amounts exchanged with each token. Following the trend of previous months, the report of Tether USDT the stablecoin pegged to the dollar, was the token used to settle more funds in Brazil in October. Nearly $1.8 billion was traded using USDT in nearly 119,366 transactions.

This popularity is further enhanced by the features that third parties are offering to connect…USDT with the traditional financial system. On October 22, Smartpay, a crypto-currency service provider, integrated its services with Tecban, a Brazilian ATM provider, to allow users to convert USDT to USDT. USDT into fiat currency at more than 24,000 ATMs.

However, bitcoin, still recorded the largest number of transactions, with 1.34 million, in which 190.2 million dollars were moved. A local real parity stablecoin, BRZ, recorded the second highest number of transactions, with 693,086. These trades were primarily on FTX, according to reports, and it is unclear whether this volume will be absorbed by other available markets. USDC, and ETH round out the top 5 currencies with the most volume settled.