Data for August, published by the Brazilian tax authority, showed that more than 12,000 companies invested in crypto assets, which is a record figure to date.
The number of companies owning cryptocurrencies in Brazil reached a new record level as of August, amid increased confidence in cryptocurrencies and high inflation rates.
According to local media reports, the country's tax authority, the Receita Federal do Brasil (RFB), announced 12,053 organizations that reported the presence of cryptocurrency on balance sheets in August 2022.
This is 6.1% more than in July, when 11,360 companies declared ownership of cryptocurrency.
RFB noted that most companies in Brazil invested in Bitcoin and Tether.
According to Bitstamp's September "Crypto Pulse" report, Brazilians' trust in cryptocurrencies is growing: 77% said they trusted digital assets.
More and more financial institutions in the country are starting to offer cryptocurrency services. Brokerage giant XP Inc and payment application PicPay integrated cryptocurrency exchange services in August. Binance crypto exchange has doubled its local team since March and opened two new offices on October 4.
Brazil's inflation rate reached a 26-year high of 12.1% in April, but then dropped slightly to 8.7%, according to August data from the country's statistics agency.