One of the largest cryptocurrency exchanges by volume traded, Binance, has made its development ambitions for Brazil public. 150 employees will be able to choose between working in-office or remotely thanks to the exchange’s opening of two new locations in the nation. The business also made a suggestion that a debit card would soon be introduced.
Brazilian Team Facilities Expanded by Binance
Brazil and other Latam nations are more significant for cryptocurrency exchanges operating globally as a result of the rise in the industry there. Binance, a prominent cryptocurrency exchange, has revealed plans to establish two new offices in the nation. Employees will, however, have the option of working remotely or in these locations, according to sources.
The purpose of the two new offices, which will be situated in Rio de Janeiro and Sao Paolo, is purportedly to serve the expanding number of Binance employees in Brazil. The company had only 60 employees there at the beginning of the year, but now there are 150 people working there.
Launch of a debit card and compliance changes
Although Binance has previously experienced difficulties adhering to local rules in numerous nations, the exchange is actively working to do so in Brazil. In this regard, the business announced its March acquisition of Sim:paul Investimentos in order to establish itself as a recognized payment institution in Brazil, an operation that the central bank is still reviewing.
Matthew Shroder, global vice president and regional director at Binance, commented on this action as follows:
We are being proactive to ensure that even before the new regulations go into effect, we meet the prerequisites to operate as a crypto exchange.
Because of the upcoming general elections in October, Congress has yet to examine the Brazilian cryptocurrency bill that was filed last year.
A Mastercard product, similar to the one introduced in Argentina a month ago, that would enable Brazilians to use debit cards to purchase with cryptocurrency was also alluded to by Shroder. He clarified this as follows:
The first results we are seeing in Argentina are that the product is very successful. We are evaluating what the next markets will be… But given the size of the Brazilian market and its importance to Binance, Brazil is undoubtedly at the top of the list of upcoming markets for this product.