Binance Opens Offices in Brazil as Team Size Doubles

Source: Binance

Major crypto exchange Binance continues its international expansion with the opening of two new offices in Brazil, based in São Paulo and Rio de Janeiro. 

The platform said in a tweet that its latest move is designed to “expand in the country and to grow crypto adoption in Latin America.”

The establishment of the two offices was announced by Changpeng 'CZ' Zhao, the company’s CEO, who visited Brazil last March. 

“Since then, we have more than doubled the team dedicated to Brazil,” according to Binance.

Over the past years, Brazil has established itself as one of the most prospective destinations for crypto businesses and investors, as indicated by a September 2022 report released by blockchain analysis company Chainalysis. The South American nation is ranked seventh on the firm’s 2022 Global Crypto Adoption Index. The three other countries from the continent to be included on the list’s top 20, Argentina, Colombia, and Ecuador, were ranked as the 13th, 15th, and 18th destinations, respectively.

Despite the ongoing market downturn, the exchange has proceeded with its foreign expansion plans in line with Zhao’s optimistic statements on the company’s hiring plans this year.

“We have a very healthy war chest; we, in fact, are expanding hiring right now,” 'CZ' said last June. “If we are in a crypto winter, we will leverage that, we will use that to the max”  by “kicking into high gear in terms of M&A activity.”

Last month, Binance also launched a partnership with Nigeria’s authorities to build a digital economic zone in the country. The objective is to create an area similar to the virtual free zone that exists in Dubai, the company said in a statement.