Operations 24 hours a day, seven days a week and also on weekends
The arrival of Pix on November 16th will allow bank transfers 24 hours a day, seven days a week. Although no Brazilian cryptomime brokerage house is directly connected to the system, much of it will be connected through banks or fintechs.
The report talked to six exchanges operating in Brazil to understand what should change for customers.
The connection between Pix and the Bitcoin Market, Brazil’s largest cryptomaniac brokerage house, will be through the company’s partner banks, according to the brokerage house’s CEO, Reinaldo Rabelo.
Customers, by connecting to Pix through the banks, will be able to send money to the exchange and vice-versa. „The brokerage house will be prepared to operate within the same payment system,“ he said.
More than 3.5 million keys have already been registered at Pix
Pix already has more than one million keys registered
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As soon as the BC system is available, still according to Rabelo, operations in the Bitcoin Market become 24/7: „We will no longer have operating windows closed and our clients will be able to perform cash-in and cash-out also on weekends“.
It is worth remembering that institutions without BC authorization to operate need to follow some rules to join PIx. According to the Normative Instruction (IN) 16/2020, companies must pay in and maintain capital of at least R$ 1 million.
NovaDAX said it will also be connected to PIX indirectly. In the company’s case, however, the connection to the payment system occurs via a digital account.
This digital account was developed in partnership with fintech Ewally. The startup – as well as 980 other companies – has been authorized by the Central Bank to integrate Pix.
„You can use Pix to transfer to your digital account and send that balance instantly, automatically and free of charge to your brokerage wallet to buy cryptomeda, also 24 hours and seven days a week,“ NovaDAX CEO Beibei Liu told Bitcoin’s Portal.
Foxbit, Ripio, Braziliex and Binance
Ripio, Foxbit and Braziliex have also informed that, at least for the time being, the connection with Pix will take place through the banking partners.
Ricardo da Ros, Country Manager for Ripio in Brazil, said that in a second moment the exchange will be directly integrated with the system. Ros, however, did not give a date or how this will happen. „Many things are not yet defined,“ he said.
The three brokers also said that as soon as Pix is 100% available, customers will also be able to operate on weekends.
„We expect a significant increase in the volume of trades on Saturdays and Sundays,“ Foxbit CEO João Canhada told Bitcoin Portal.
Binance, the world’s largest cryptomorphic broker, said it will still assess how it will integrate with the new instant payments system of the CB.
The brokers consulted by the report said they will not charge fees for money transfers made through the Pix. The charges, according to the companies, will be borne by the partner banks.
It is worth remembering that the new instant payment service in Brazil is free for individuals and individual entrepreneurs. According to the Central Bank, however, institutions offering Pix may charge corporate fees.
Is PIx a competitor or an ally?
No brokerage firm consulted sees Pix as a competitor. „It’s actually an ally, because it will allow real people to move around quickly and practically,“ said Ros of Ripio.
Foxbit’s Canhada said that with Pix brokers will not need to open accounts with several banks. „Now, having accounts in numerous institutions is not so important anymore, since it is practically a complement to the financial system. This will greatly benefit our operation,“ she said.
It is worth remembering that the brokers of national cryptomorphs and the banks are on the warpath.
The CEO of Bitcoin Market, Reinaldo Rabelo, also said that Pix is not a competitor of exchanges. For him, the system does not replace the purpose of cryptoactives.
„We believe, in fact, that the solution will accelerate the digital transformation of the means of payment in Brazil, given the need to make instant payments possible with a much cheaper, faster, transparent and secure system.