Mercado Bitcoin licensed as payment institution.

Mercado Bitcoin, Brazil’s biggest cryptocurrency exchange, was granted a license as a payment institution by the central bank of Brazil on Friday, as reported by the newspaper Valor Economico.

The company is now authorized to operate as a payment institution and can issue electronic money.

“The approval from the central bank is a significant step as it enables us to proceed with our business expansion plans to provide an even more comprehensive experience to our clients,” said Roberto Dagnoni, CEO of Mercado Bitcoin in a statement.

Mercado Bitcoin already runs MB Pay, a digital account that enables over four million users to purchase cryptocurrencies, invest in digital fixed income, and different asset classes.

Dagnoni added that the exchange intends to provide financial services that merge the potential of cryptocurrencies with traditional financial services, which includes a cryptocurrency payment card planned for the next few months.