The Brazilian crypto market has been undergoing a revolution for a few years-not silent, by the way. While part of the players keep a foot in the classic cryptocurrency trade, they also have more and more space for digital fixed lace. Something expected, as places love an investment linked to CDI, especially with interest in 15% per year.
One of the examples of this transformation is the Bitcoin (MB) market, the largest Brazilian Exchange. Created in 2013, originally as a platform for buying and selling and (term used to identify any different crypto than BTC), the company has expanded its tokenization arm, which today already represents almost a third of the company’s results.
“Today, 40% of the company’s people are allocated in this area. I would say 30% of our result comes from the tokenization of assets,” said André Gouvinhas, Chief Financial Officer (CFO) of MB, in conversation with the Infomoneyin São Paulo.
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Tokenization is the process of turning assets into tokens at. For small businesses, this model has become an alternative to traditional debt emission as it is faster and cheaper – it takes between 30 and 45 days, while in the banking system it can take three to six months.
On the investor side, the gain appears in profitability. “In digital fixed income, our average profitability was 132%of the CDI in 2025. So if we are talking today in a 15%CDI, the profitability is almost 20%on average,” said Henrique Pocai, MB’s commercial director.
Of property that costs millions to trucks
The MB has made about 350 emissions so far, with a monthly distribution of around R $ 150 million. Between 2019 and 2024, the volume reached R $ 1 billion; Only in 2025, another $ 1 billion was distributed. The goal for this year is to reach $ 1.5 billion.
Among the recent examples, in September this year Exchange and Startup Rooftop launched a real estate token backed by a property of $ 23 million, with IPCA profitability + 13%. Already in March, was launched the first international token of the platform, structured in partnership with Billor, a startup that operates in the US, with compensation of dollar + 8% per year.
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MB’s tokenization arm is divided between retail customers, high -income investors (from R $ 300 thousand) and, more recently, even higher customers. “It is an audience that needs differentiated service to understand digital assets, both crypto and tokens. We saw this demand grow and created this channel,” said Pocai.
The company also operates in B2B, with more than 100 partners.
LIMITATIONS AND RISKS
Despite the expansion, the tokenization in Brazil still faces challenges. Today, the main regulation is CVM 88 Resolution, which deals with public securities offers via crowdfunding. The standard allows tokenized emissions, but restricts the profile of emitting companies (small), the volume captured and strongly limits the secondary market – which can only occur in a platform -controlled environment, without free negotiation in bags or brokers.
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This week, to update these rules. Among the proposals are the inclusion of new broadcasters, new boundaries and the possibility of repurchase of securities. For experts, the review signals an attempt to balance innovation and investor protection.
“The inclusion of new broadcasters and the possibility of integration with traditional securities distribution channels (such as autonomous agents and brokerages) indicate that CVM seeks to create a hybrid model, where regulated innovation and investor protection go together,” said Tiago Severo, Panucci partner, severe and nebias lawyers, Head of crypto and office to takenization practices.
On the investor side, the risks need to be weighted. The main one is the risk of credit – the possibility that the sender does not honor payments, which also occurs with applications such as e. However, these more traditional products have credit guaranteeing fund coverage (FGC), while fixed income tokens do not have this protection.
Another point is liquidity. Tokens emitted via CVM 88 have no broad secondary market. In practice, the investor needs to be prepared to carry the digital asset to maturity.
