Binance Expands Services in Brazil with Launch of Binance Pay

Binance Expands Services in Brazil with Launch of Binance Pay

Binance Launches Binance Pay in Brazil

Binance, a global blockchain and cryptocurrency infrastructure provider, has expanded its services in Brazil with the launch of Binance Pay in the country.

Key Details of the Launch:

  • Binance Pay is a contactless and borderless cryptocurrency payment method
  • Supports over 70 cryptocurrencies, including Bitcoin, BNB, ether, and USDT
  • Real-time fund transfers from wallet to wallet with no user fees
  • Merchants in Brazil can receive payments in Brazilian Real or cryptocurrency
  • Brazil ranks 7th globally in terms of crypto adoption

Statement from Binance’s Brazil Leadership:

Guilherme Nazar, the general manager for Binance in Brazil, highlights the benefits of Binance Pay, including processing speeds and security, in response to the growing use of crypto for payments.

Previous Performance and Collaborations:

Binance Pay has over 12 million active users and has processed over $98 billion in payments since its 2021 launch. The platform has announced partnerships with entities like Weo Games and allows users to recharge prepaid mobile credit. Binance Pay has also made collaborations in Argentina.

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Regulatory Alignment:

Binance Pay’s operations in Brazil are in partnership with payment institutions licensed by the Central Bank of Brazil.

Hot Take:

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The launch of Binance Pay in Brazil is a significant step towards further crypto adoption in the country. With its wide range of supported cryptocurrencies and real-time fund transfers, Binance Pay offers convenience and flexibility for users and merchants alike. The partnerships and regulatory alignment demonstrate Binance’s commitment to expanding its services and promoting the use of cryptocurrencies as a payment method in Brazil.

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