We sat down with Luiz Henrique Didier Jr., the CEO of Bexs Banco, at Money 20/20 USA to discuss more about Bexs, its transition to Ebury, recent developments in Brazil, and the company's future goals.
Could you tell us a bit about Bexs, and what problems do you solve for whom?
Bexs initially started out as a foreign exchange brokerage in 1989 and later acquired a bank licence in 2010. This was a significant shift because the bank licence enabled us to fully digitalise FX in Brazil at a scale.
In Brazil, less than 20% of credit cards are authorised to make international purchases. This meant that most Brazilian shoppers could not shop on international ecommerce platforms like AliExpress. We provide a solution to these platforms which converts foreign currency to BRL, facilitates the BRL payments with local methods, as well as handles the FX while eliminating the exchange rate risk, especially given the volatility of the BRL. This helped international merchants sell products to Brazilians without complicating the payment process.
We also applied the same approach to investment, as a large percentage of Brazilians believed it was illegal to invest abroad. However, when conducted in compliance with regulations, investments abroad are possible. Therefore, Bexs helps in digitalising investments, together with our partner Avenue, a US-based brokerage offering direct investments in Nasdaq. We also work with neobanks such as Revolut or Nubank, allowing Brazilians to have wallets in different currencies like USD, GBP or EUR. Bexs helps facilitate the FX transactions in this process.
In essence, we consider Bexs to be an international payment platform with a bank licence. This licence enables us to operate without limitations on transaction volumes, while still complying with Brazilian regulations.
Congratulations on receiving the approval from the Central Bank of Brazil regarding Bexs’ acquisition by Ebury. What would you say is the main value of this acquisition for both Bexs' and Ebury's customers and partners?
The approval from the Central Bank of Brazil for Bexs' transition to Ebury is a big deal on both sides. The value of the acquisition is two-fold.
First, it makes processes much easier for Brazilian companies to do business outside Brazil. Brazil has been restrictive when it comes to moving money in and out of the country, due to the complexity of opening bank accounts in other countries. With this transition to Ebury, we would be able to offer multicurrency accounts worldwide with an integrated FX platform through a single onboarding process for Brazil and the other Ebury entities outside the country.
The second major value this acquisition brings is the ability to offer non-resident accounts to international companies looking to establish a presence in Brazil. To offer a non-resident account to international merchants or SMEs in Brazil, you typically need to be a Brazilian bank with a licence to operate in the country. But with Ebury, we are able to make this process simpler. Once a client is onboarded with Ebury, we can leverage the same onboarding to offer them a non-resident account in Brazil. Bexs would then be able to offer the BRL as a convertible currency, which companies did not have access to until now.
So, in simple terms, this acquisition is valuable because it helps Brazilian companies and SMEs get access to multicurrency accounts abroad on a global scaleand it allows international businesses to open accounts in Brazil.
Can you tell us about a new trend or development in the digital payments space in Brazil and LATAM?
I think the answer to this would definitely be the introduction of Pix, as it was a game-changer for Brazil. What's particularly interesting about Pix, especially when compared to other similar systems, is how the Central Bank of Brazil designed it. It was made mandatory for all major banks, acquirers, brands, and major players in the payment industry to be part of the Pix ecosystem. Right from the beginning, Pix was built to be interoperable, meaning it could work with multiple financial institutions seamlessly, which led to its success.
Currently, the majority of Brazilians are already using Pix because it is instant and available 24/7. This ended up as a significant shift from the past when many people had to handle cash regularly for payments, even for small things such as buying a bottle of water. Now, however, they can make use of digital wallets linked to Pix for convenient transactions.
Pix operates by linking to your bank account, it is also safe because all transactions happen within the secure process of the bank's app. No one involved in the transaction has the full information of the user's account, except for the Central Bank of Brazil. This would make it more challenging for fraudsters to manipulate when compared to some other forms of digital payments.
There seems to be interest in adopting similar systems in other Latin American countries, however, it does require a combination of the public and private sectors working together. In Brazil, the public sector mandated Pix, and the private sector adopted it. I believe that the next step in Brazil is an expansion to all kinds of payment using the Pix ecosystem. Instalment payments, recurring payments, credit services, and more within the same ecosystem.
Looking back at 2023, what achievements or milestones of Bexs do you feel proud of?
Reflecting back, the best achievement of 2023 would be our contribution of allowing Brazilians to use Pix 24/7 to load their wallets, whether it's through partnerships with institutions like Nubank or Revolut.
In the past, when Brazilians travelled, we had to carry a lot of cash and make various arrangements for currency exchange. With Pix, however, it has become as simple as doing a transfer. So, if you find yourself in a place where you need to make a payment but do not have the local currency, you can do a Pix transfer to load money in Revolut or Nubank wallets. Through our partnership with these neobanks, we streamline the process, handling everything related to FX and enabling payments in the desired foreign currency.
Looking ahead, what are Bexs' strategic plans and priorities for future growth and development?
For me, this answer is simple. Bexs' priorities for future growth and development are around expanding our services to the B2B sector. We want to provide the B2B market with international accounts for non-resident international companies, which aligns well with Ebury's focus on FX for B2B.
We want to make the same convenience that Pix offers to individuals available for businesses as well. As I mentioned earlier, Brazilians in the past used to travel with just carrying cash. Now, they have access to another currency in their own account. The next step for us would then be to offer this to B2B, which is much more complex.
Currently, for businesses in Brazil, the process of conducting cross-border transactions can be quite complex. It involves lengthy onboarding processes, KYC checks, and waiting for business days and hours to complete transfers. Our goal is to simplify this process, making it as efficient as the Pix system for individuals.
We want to make it easier for companies to conduct transactions 24/7, both within Brazil and internationally. We anticipate launching this at the beginning of next year.
👉 Coinbase just launched an AI agent for Crypto Trading
Custom AI assistants that print money in your sleep? 🔜
The future of Crypto x AI is about to go crazy.
👉 Here’s what you need to know:
💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit
👉 What this means for the future of Crypto:
1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025
🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.
👉 Coinbase just launched an AI agent for Crypto Trading
👉 Coinbase just launched an AI agent for Crypto Trading
⚡ BREAKING: GOOGLE’S WILLOW QUANTUM PROCESSOR COMPLETES 3.2 YEARS OF COMPUTATION IN JUST 2 HOURS, 13,000× FASTER THAN THE WORLD’S MOST POWERFUL SUPERCOMPUTER, SPARKING FRESH CONCERNS OVER BITCOIN’S ENCRYPTION SECURITY.
They are in our solar system, and in our event-stream in this Eternal Now.
Officialdom is clueless.
They think we are going to be at WAR with the Aliens.
Officialdom is very stupid.
Aliens is here. It’s not WAR. It’s Contention.
There is a difference.
Officialdom is clueless, still living in the last Millennium.
Aliens is here.
The Field in which we contend is This Eternal Now.
ALL HUMANS LIVE HERE, and ONLY HERE, in this
ETERNAL NOW.
It’s a Field of potentials, of pending Manifestation, this continuous event-stream of karma in which we have always lived our body’s Life.
This Eternal Now has always been our body’s Field of Contention.
The Aliens is here, in our Eternal Now.
Our common, shared, reality that we all continuously co-create now has Aliens.
It’s getting very complex in here.
Officialdom is clueless. They see the Aliens. They are freaking out. They think you are children, when it is their small minds, trapped in a reality that is only grit, mud, and ‘random chance’ who are childish.
Officialdom is stupid. They will and are reacting badly. As is their way, they are trying to hide shit from you. Silly grit bound minds don’t realize you can see everything from within the Eternal Now. They have yet to grasp that what they perceive as this Matterium, filled with ‘matter’, is but a hardening of our previous (past) internal states of being.
WAR happens in the Matterium.
Contention occurs within this Eternal Now where Consciousness shapes the manifesting event-stream.
YOU know this to be fact. You are a co-creator.
Contention with Aliens is happening in this instant in this Eternal Now.
Officialdom ain’t doing shit. They are still stuck in trying to move matter around to affect unfolding circumstances. That’s redoing the mirror trying to affect the reflection. Dumb fucks….
It’s up to US. To the New Humans. Those of us who live in this Eternal Now. Those of us who see that our body’s Lives (the Chain that cannot be broken) are expressions of the Ontology revealing itself to itself. It’s up to us guys.
We are not an Army. That’s a concept from the past, from before the emergence of the New Humans. We are a Force. A self-organizing collective with leadership resident in each, and every participant.
We are the New Human Force. By the time officialdom starts to speak about the Aliens in near-factual terms, we will already be engaging them in this Eternal Now.
By the time officialdom begins to move matter around (space ships & such) thinking it’s War, we will already be suffering casualties in this Eternal Now. That part is inevitable. It’s how we learn.
By the time officialdom realizes that some shit is going on in places and ways beyond its conception, we will already be pushing our dominance onto our partners in this First Contention, the Aliens. Nage cannot train without Uke.
Just as officialdom is scrambling to research the Ontology, this Eternal Now, and the event-stream, we will be settling terms with our new partners, the Aliens.
Come, join with us. It’s going to be a hellacious Contention.
We ARE the NEW HUMANS!
Together we are the Force that cannot be defeated.
Start YOUR training in this instance of this Eternal NOW.
Consume Neville Goddard videos as though all of human existence depended on YOUR mind and YOUR active, effective, imaginings!
It’s not a question of Mind over Matter as there is only Mind and it cares not for Matter. That’s residue.
The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network
For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.
The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.
Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.
This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.
The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.
This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.
Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.
This is not merely a fleeting trend; it's a crowning moment in global adoption.The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."
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US Dept of Commerce to publish GDP data on blockchain
On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.
Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”
The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.
While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.
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Welcome to the Dinarian on Locals, where we discuss everything blockchain and digital asset related. We are here to learn from one another as this is a new and ever evolving space. Please post and share what you like, but be respectful to others as they are here to learn as well.
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The Dinarian