In a bold move away from its origins as a cryptocurrency exchange, Mercado Bitcoin is redefining its role in Brazil’s financial landscape. Twelve years after its inception, the São Paulo-based company is shifting its focus from traditional crypto trading to becoming a comprehensive financial hub. The firm envisions itself as a “super app” for managing all aspects of financial life, intertwining legacy finance with cutting-edge blockchain technology, but without the jargon that typically accompanies the crypto world.
The Birth of a Financial Hub
At the heart of Mercado Bitcoin’s transformation is a strategy centered around the concept of an “invisible blockchain.” Daniel Cunha, the company’s head of corporate development, explained during the DAC 2025 conference that the revolution occurs when blockchain technology becomes seamless and invisible to the end-user. “The customer doesn’t want to hear about blockchains and tokens,” Cunha told CoinDesk. “They want to know the rate, the risk, and the maturity date.”
Mercado Bitcoin’s approach is to streamline user interactions, focusing on features rather than blockchain complexity. This has led to a significant change in how they present their products. For example, the company has opted to replace terms like “tokenization” with more consumer-friendly language such as “digital fixed income.” This subtle shift in terminology has reportedly resonated well with its user base, fostering broader acceptance and engagement.
Invisible Blockchain: The Next Frontier
The idea of an “invisible blockchain” is not just a clever rebranding; it represents a fundamental shift in how blockchain technology can be integrated into everyday financial services. Mercado Bitcoin is betting that the real breakthrough will happen when users engage with blockchain-driven services without realizing the underlying technology. As Cunha succinctly put it, “We’re going to see a lot of people use blockchain without realizing they’re using blockchain.”
One of the firm’s flagship offerings is its blockchain-based investment products, focusing on tokenized private credit. The company sees this segment as ripe for disruption in Brazil, aiming to address a significant pain point for many users through a stablecoin-based remittance service. With Brazil ranking among the top five countries for retail crypto usage, according to Chainalysis’ Global Crypto Adoption Index, Mercado Bitcoin is well-positioned to leverage this growing trend.
A Pivot from Trading
Despite its innovative strides, Mercado Bitcoin’s core business—crypto trading—remains a substantial part of its revenue stream. However, this is gradually changing. Trading, which once accounted for 95% of the company’s income, has now dropped to approximately 60%. The remaining revenue comes from payments, custody, tokenized investments, and asset management services. Cunha revealed that the company anticipates trading to eventually represent less than 30% of its income.
As part of its evolution, Mercado Bitcoin is expanding its geographical footprint. The company has established a client-facing operation in Portugal and is building institutional channels in the U.S. This expansion aims to connect capital and investment opportunities across different markets, further solidifying its position as a financial hub.
The Rise of Tokenized Assets
Mercado Bitcoin’s journey towards becoming a financial super app includes a significant push towards tokenized real-world assets (RWAs). The firm expects to surpass 3 billion reais ($563 million) in tokenized credit issuance by the end of the year. Presently, about 20% of the platform’s assets under custody are tokenized RWAs, a remarkable increase from virtually zero a few years ago.
This shift mirrors a broader trend in the fintech industry, where companies like Coinbase, Revolut, and Paytm are also venturing into comprehensive financial services. These companies are taking cues from successful apps like WeChat and Alipay, which seamlessly integrate social, financial, and other features into a single platform.
Challenges and Opportunities Ahead
While Mercado Bitcoin’s strategy of merging traditional finance with blockchain technology presents exciting opportunities, it also comes with challenges. Educating users about the benefits of blockchain without overwhelming them with technical details is a delicate balancing act. Moreover, as the company expands internationally, it must navigate varying regulatory landscapes and competitive pressures from established financial institutions.
Nevertheless, Mercado Bitcoin’s innovative approach has the potential to redefine how Brazilians interact with financial services. By prioritizing user experience and leveraging the power of invisible blockchain, the company is not just riding the wave of digital finance but helping to shape its future. As the financial landscape continues to evolve, Mercado Bitcoin’s journey from a crypto exchange to a financial super app offers valuable insights into the possibilities of blending technology with financial services in a user-centric manner.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
