KuCoin to Support Brazilian Real on Its Spot Market

KuCoin, a major cryptocurrency platform, announced on Monday that its spot market will support fiat trading pairs starting today, with the Brazilian Real (BRL) becoming the first fiat. According to the press release, the platform added BTC/BRL, ETH/BRL, and USDT/BRL trading pairs to its spot market.

KuCoin has been expanding aggressively in the Brazilian market since 2022. On March 23, KuCoin supported PIX&TED, the Brazilian Central Bank’s bank transfer payment method, allowing users to deposit BRL directly on KuCoin’s official website for purchasing  cryptocurrencies 
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of…