Leading global cryptocurrency exchange Binance announced it would officially open up two new offices in Brazil as it looks to expand its operations in Latin America. The move comes when the crypto firm also plans to launch its debit card in Brazil.
Binance Expands Into Brazil With Mastercard
The crypto firm will set up offices in Rio de Janeiro and Sao Paolo, employing a team of 150 employees who can attend the new in-office space or work remotely. These two cities are considered central hubs for business in the country, certainly to the LATAM market. Brazil is one of the few places the company has set up physical offices, which suggests Binance’s strong belief in crypto’s potential in the region.
The timing of the launch comes as the company plans to launch its crypto debit card, making it the second country in Latin America to have access to the product. The deal with Mastercard gives customers access to over 90 million merchants worldwide.
The company hopes the bank card launch will help users access their digital assets for everyday use. The card will be linked to customers’ crypto wallet, allowing customers to top up their card with funds through the Binance Card App and then convert their crypto holdings to fiat instantaneously.
Binance is also planning to buy banks and payment processors in Brazil to expand into the market. The crypto firm is waiting to receive approval from the Securities and Exchange Commission of Brazil (CVM) and the Central Bank of Brazil before it can push forward with any acquisitions.
Binance’s CEO Believes Bear Market Is Healthy
Changpeng Zhao (CZ), the firm’s CEO, believes the bear market is “healthy” for crypto in the long run. At the Mainnet conference on Wednesday, he stated that investors should “ride out the winter” and believes a perpetual upward trend is unrealistic and “Price corrections are good.”
CZ suggests investors should look at the number of users buying and using crypto and the increase and growth of blockchain projects. He believes crypto is still in its infancy, stating, “crypto is so early. We’re not in a saturated market.”
With little sign of an upward trend in the market, Binance continues to pursue expansion of the company’s assets through takeovers and setting up operations in countries across the globe—notably in France, Spain, Italy, Dubai, Kazakhstan, and in the early stages of expansion into Africa.