Brazil Crypto Report

Hi everyone!Robson Silva is Co-Founder of Pods.He joins the show to discuss how DeFi’s lack of traction with retail pushed Pods toward building modular yield infrastructure for Latin America’s neobanks.The conversation was recorded live at the TokenNation event in São Paulo.It lands at a moment when neobanks and traditional banks alike are racing to bolt yield products onto their stacks without retrofitting their core infrastructure.Silva trained as a naval engineer before finding crypto in 2017, then spent a year in Singapore working on early AMM research during the ICO era.He returned to Brazil and co-founded Pods as a DeFi options protocol, building toward almost $10 million in TVL without ever launching a token.Along the way, Pods also ran a zero-knowledge privacy pilot for Brazil’s CBDC, tokenized construction debt with the registry notary Núclea, and tokenized Brazilian government bonds with Mercado Bitcoin.🙌 You can listen to Bits and Borders on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join our English language Telegram group to continue the conversationKey takeways from the conversation:* Pods spent two and a half years building a DeFi options protocol before realizing retail flows weren’t coming through MetaMask.* The team built a zero-knowledge privacy pilot for Brazil’s central bank digital currency project, working alongside competing approaches from Microsoft and EY.* Programmable privacy for composable DeFi remains unsolved. Silva argues AMMs may need to be rebuilt from scratch rather than patched with a privacy layer on top.* Pods pivoted to B2B, letting neobanks plug into insured, cross-chain yield vaults through an API instead of building that infrastructure themselves.* Crypto wallet Picnic moved more than 10% of its idle-asset user base into a Pods-powered savings account within 10 days of launch.* Pods’ cross-chain USDC-to-BRLA product is now running close to $2 million in monthly volume in Brazil.I enjoyed this wide-ranging conversation with Rob and I hope you do as well. You can connect with him on LinkedinHave a great weekend, everyone-AWSRecent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!For today’s episode I talk to Gui Gomes, CEO and founder of OranjeBTC, which became Latin America’s largest bitcoin treasury company and the 26th largest in the world when it publicly listed on Brazil’s B3 exchange earlier this month.We discuss how Oranje aims to be more than just a vehicle for acquiring bitcoin. Rather, Gui sees Oranje as a bitcoin-native company that will catalyze mass adoption of bitcoin across Latin America. Key Takeaways:* From Bridgewater to Bitcoin: Prior to joining Swan Bitcoin in 2022, Gomes spent several years at Ray Dalio’s Bridgewater Associates, where exposure to Dalio’s “Changing World Order” research helped crystallize his conviction that bitcoin represents the future of reserve currencies. The parallels between Dalio’s thesis on currency cycles and bitcoin’s value proposition were impossible to ignore.* Purpose-Built, Not Dabbling: Unlike other companies simply adding bitcoin to their balance sheets as a hedge, OranjeBTC is built from the ground up to operate on the bitcoin standard. Every aspect — from capital structure to hiring to cost basis — is designed around bitcoin accumulation and education.* Latin America’s Unique Opportunity: The region’s history with currency devaluation and inflation makes bitcoin particularly compelling solution. As Gomes puts it: “If bitcoin is good for Americans, bitcoin is great for Latin Americans.” With nearly a billion people and abundant natural resources held back by monetary instability, moving to a bitcoin standard could be transformational for the region.* US vs Brazil Adoption Gap: While US institutional understanding of bitcoin is more advanced, Brazil leads in regulatory clarity. Brazilian banks have been selling bitcoin directly from checking accounts since before US ETF approval—a capability American banks still don’t have.* Aggressive Growth Plans: Orange holds approximately 3,700 BTC and continues buying weekly. The company plans to deploy multiple capital instruments — equity offerings, convertible notes, and other tools — to accelerate treasury growth while creating value for shareholders.* Education as Mission: OranjeBTC is releasing comprehensive research papers on treasury companies, bitcoin fundamentals, and Latin American economic opportunities. It will be hosting institutional events and building educational content for both newcomers and sophisticated investors.Gomes brings a unique perspective shaped by traditional finance experience and hardcore bitcoin conviction. His vision extends beyond corporate treasury strategy to national-level adoption, believing Brazil’s 215 million people could set a transformative example for emerging markets worldwide.Gui also weighs in on the “debasement trade,” why digital natives will accelerate adoption, and how nation-states are just beginning to recognize bitcoin’s strategic importance.You can connect with Gui on Linkedin.Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Today we’re talking to Qin En Looi, Managing Partner at Onigiri Capital and Partner at Saison Capital, about why his Singapore-based venture fund is making a major bet on Brazil’s tokenization and stablecoin ecosystem.Backed by Credit Saison, a 75-year-old Japanese financial institution with US$30 billion in assets, Onigiri Capital recently launched a US$50 million fund focused exclusively on blockchain-powered financial services. Latin America — and specifically Brazil — will be key areas of focus for deploying this capital. What makes Brazil particularly attractive? According to Qin en, it starts with the Central Bank. “I don’t think any government or central bank in the world comes close to what the Brazilian Central Bank has done in terms of innovation,” he explains, pointing to initiatives like Drex and the country’s track record with PIX and open finance.But the regulatory environment is just one piece of the puzzle. Qin en notes that he has been impressed by how Brazilian blockchain founders are delivering metrics at Series A that rival Series C companies in other markets—often with profitability already achieved. “For the same valuation, I can get a company making two to three million dollars ARR, whereas elsewhere you’d have an unpaid pilot,” he notes.Key Takeaways:* Focused verticals: Onigiri is focusing primarily on stablecoins, payments, tokenized assets, financial markets infrastructure, and DeFi* Local-first approach: The firm is partnering with local funds like Norte Ventures, OneVC, and Valor Capital to better connect with the ecosystem* Institutional advantage: Portfolio companies gain access to Credit Saison’s extensive network of banks and asset managers across Asia* Capital efficiency: Brazilian startups demonstrate stronger revenue focus and resilience compared to peers in developed marketsI really enjoyed this conversation with Qin en and I hope you do as well. It will be exciting to see how his thesis plays out in the coming years. You can connect with Qin en on Linkedin.Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Raagulan Pathy is CEO and founder of KAST, the stablecoin neobank has been spreading like wildfire since launching 14 months ago, particularly in emerging markets like Brazil and Latin America. Raags is known across the industry as “The Stablecoin Guy” dating back to his previous role leading Circle’s Asia operations, and he joins to shares insights into building a truly global banking alternative for the crypto-native generation.KAST represents a fundamental shift in how we think about digital banking infrastructure. Rather than simply offering another crypto card or wallet, the platform provides a comprehensive bank-like experience that bridges traditional finance with decentralized assets. Users can deposit stablecoins across multiple chains, earn yield on their holdings, and spend globally through integrated card services.Key Market Insights* Exceptional user engagement metrics: KAST has achieved 500,000 app downloads with 64% weekly active users and 30% daily active users, demonstrating strong product-market fit in the neobanking space* Rapid growth trajectory: The platform processes over US$20 million in monthly volume while maintaining 20% month-over-month growth, suggesting sustainable scaling momentum* Strategic market positioning: Latin America represents 30% of KAST’s global business, with Brazil emerging as a particularly strong market due to demand for global banking alternatives* Four distinct customer segments: The platform serves crypto natives, stablecoin-first users from the Global South, remote workers, and mobile affluent individuals who operate across multiple jurisdictionsRaags’ perspective on the stablecoin ecosystem challenges conventional wisdom about where value creation occurs. While many focus on building new stablecoin protocols, he argues the real opportunity lies in creating usable infrastructure on top of existing stablecoin rails. This insight reflects a broader maturation as the industry advances from pure infrastructure development toward consumer-focused applications.The conversation also reveals important dynamics in Latin American crypto adoption, where stablecoins serve not just as remittance tools but as premium financial products for upwardly mobile consumers seeking global banking alternatives. This represents a significant market opportunity that extends well beyond traditional financial inclusion narratives.I really enjoyed this fascinating conversation and I hope you do as well. You can connect with Raags on LinkedinHave a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you’re building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!Today’s episode is with Thamilla Talarico, head of on-chain finance growth for Brazil at Polygon Labs. You may recall that she previously represented Ernst & Young in the Central Bank’s Drex pilot. We talk about Polygon’s deliberate investment in Brazilian market expansion, recognizing the country's unique position in the Latin American digital asset ecosystem.We also dive into several important changes to Polygon’s growth strategy. Gone are the days when Starbucks and Nike were issuing NFTs on the platform. Nowadays, they are laser focused on payments and on-chain finance (RWAs).Thamilla also reflects at length about her experience working on the Drex pilot with EY. We explore about the good, bad and ugly aspects of the project, and how, ultimately blockchain privacy technology is just not ready to be deployed at the scale required by the Central Bank. Key Takeaways Regarding Polygon’s Pivot* Laser-focused vision: Polygon has shifted from being a general-purpose blockchain to specifically targeting real-world assets and payments, moving away from the scattered approach that previously included NFT partnerships and various enterprise initiatives* Market dominance in BRL stablecoins: Brazilian Real stablecoins represent the second-largest non-USD stablecoin volume on Polygon, with major issuers including BRL1 (Bitso, Mercado Bitcoin, Foxbit consortium), BRLA (Avenia), and BRZ (Transfero)* Technical infrastructure improvements: The Giga gas roadmap promises significant performance enhancements, scaling from 1,000 TPS currently to 5,000 TPS by October 2024, with eventual targets of 100,000 TPS* Geographic expansion strategy: Brazil represents one of four key markets receiving dedicated business development resources, alongside Hong Kong, India, and the UKDrex Project Reflections and Market Implications* Privacy vs. composability trade-offs: The fundamental challenge wasn't scalability, but rather balancing blockchain's inherent transparency with privacy requirements and regulatory compliance under Brazilian data protection laws* Technical maturity gaps: None of the three privacy solutions tested in Phase One met the Central Bank's production-ready standards, highlighting the nascent state of enterprise-grade privacy technologies* Regulatory complexity: The Central Bank struggled to reconcile blockchain's transparency with compliance requirements, particularly around data protection and the balance between audit capabilities and broad surveillance powers* Positive externalities: Despite the pivot, the project successfully matured Brazil's digital assets ecosystem, creating technical expertise, fostering collaboration between competitors, and establishing business relationships that will continue beyond DrexMoving forward, Thamilla emphasizes that the infrastructure, knowledge, and business cases developed during the Drex pilot remain valuable. The focus should shift toward private sector initiatives using stablecoins as settlement instruments for tokenized assets, leveraging the collaborative frameworks and technical expertise developed during the pilot program.The Central Bank's decision represents a natural transition from public sector experimentation to private sector implementation, she argues, positioning Brazil to maintain its leadership in tokenization while building on the substantial groundwork laid by the Drex initiative.You can connect with Thamilla on Linkedin. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe

🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts🔥 Join the BCR English language Telegram group to continue the conversationOlá pessoal!This week’s episode is with Matheus Moura, co-founder and CEO of Avenia (formerly BRLA Digital), where we discuss how the company is building out cross-border payments and financial infrastructure across Latin America. We touch on the need for this infrastructure under the thesis that every company will eventually become a financial services company in some capacity. We also explore the role of stablecoins in the embedded finance landscape and why Latin America has emerged as ground zero for this transformation.Avenia is also a sponsor of Brazil Crypto Report so be sure to check them out 🔥BRLA Digital → AveniaAvenia started off as a quantitative crypto hedge fund, but quickly transitioned in 2023 to focus on financial infrastructure upon realizing the strong product market fit opportunity in the crypto payments space. What started as an idea to create dollar savings accounts for Brazilians has evolved into a comprehensive platform that enables any company to offer financial services through a single API integration.The company's rebrand to Avenia (from "avenida" - avenue in Spanish/Portuguese) perfectly captures their mission: building financial highways for seamless money movement across borders. This infrastructure approach addresses a critical market need, as evidenced by the fact that 90% of Avenia's current revenue comes from cross-border FX transactions.Key Takeaways* The End of "Not Moving Money": Matheus describes how traditional solutions like Wise rely on maintaining cash pools across markets to avoid actual money movement. Stablecoins enable real-time, low-cost transfers that eliminate the need for inefficient balance sheet management.* Latin America's Perfect Storm: The region's combination of instant payment systems (Pix, SPEI), sophisticated user expectations for real-time transfers, and complex correspondent banking relationships creates ideal conditions for stablecoin adoption.* Embedded Finance at Scale: Avenia's vision extends beyond FX to recreating all financial primitives (credit, investing, escrow) through stablecoins, enabling any company to become a financial services provider. Matheus sees this as similar to how cloud computing has democratized tech infrastructure over the last 20 years. * Regulatory Readiness: Brazil's central bank's collaborative approach to innovation, combined with upcoming VASP regulations, positions the country as a leader in crypto-friendly financial infrastructure development.* Regional Expansion Strategy: Success in Brazil provides the foundation for Avenia’s expansion across Latin America, with Argentina, Colombia, and Mexico identified as priority markets based on client demand and regulatory frameworks.Pushing ForwardAvenia's roadmap includes expanding payment methods, card issuance capabilities, and additional financial primitives while maintaining focus on reducing complexity for companies entering Latin American markets. As Matheus noted, the goal is creating an environment where "everyone can pay like a local in any country of Latin America" regardless of their native currency.The company's approach represents a fundamental shift in how we think about cross-border payments - from managing liquidity pools to enabling actual money movement through blockchain rails. For financial services stakeholders, Avenia's growth trajectory offers valuable insights into the future of embedded finance in emerging markets.I really enjoyed this conversation with Matheus and I hope you do as well. You can connect with him on Linkedin. Have a great week everyone,-AWSBrazil Crypto Report is presented byAvenia is the programmable financial infrastructure for Latin America. Connect to local payment rails like PIX, SPEI and CBU — using stablecoins as settlement — and unlock real-time, cross-border payments without banks, FX desks, or SWIFT.Whether you're building a wallet, a crypto card, or a global treasury solution, Avenia gives you the APIs and compliance-ready infrastructure to scale in LatAm. Move money between BRL, USD, MXN and more — fast, transparent, and fully on-chain.https://avenia.io/P2P.me is the fastest way to buy and sell crypto in Brazil using Pix: direct, secure, and fully onchain.Backed by Multicoin and Coinbase Ventures, P2P.me offers a compliant on and off ramp with, ZK-KYC, and no hidden fees.You can easily use P2P.me to pay PIX QR codes in Brazil using your USDc balance. Topup, scan and pay.Visit br.p2p.me to get started and earn $50 per operation limit.Recent Episodes Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe