The leading cryptocurrency exchange, Binance token BNB, turned green as the company announced its Brazilian expansion with two offices located in São Paulo and Rio De Janeiro.
BNB, the fifth-largest cryptocurrency by market capitalization, displays some optimism this morning by going up 2.1% in the last 24 hours. Additionally, this positive trend, it has also been showing an upward trend in the past seven days alone, climbing over 5.5%.
In addition, statistics from CoinGecko show that the token is currently trading at $291.75. Its current market cap is $47.07 billion, increasing by 1.82% over the last 24 hours, and 24 hours trading volume is also up by over 3,72%, to $1.22 billion, according to the Nomics data.
Though crypto-assets ended the last week in the negative territory, many coins have started this week on a positive note – at least for now. Including Polygon in the lead with a 7.5% gain over the past 24 hours, XRP with a 5.5% increase, Solana with 3.9%, and Uniswap with 5.3%.
Binance Two New Offices
On October 3rd, Binance announced on Twitter :
“#Binance opens two offices in Brazil in a move to expand in the country and to grow crypto adoption in Latin America.”
After Changpeng Zhao (CZ), the CEO of Binance, visited Brazil in March for an exploratory tour to further extend his company into the region, it seems that the exchange has met its objective – by fulfilling CZ’s promise.
Binance claimed in the announcement post that the team working on their planned expansion into Brazil has more than quadrupled since CZ’s visited the country.
However, more than 150 personnel-up from 60- will be supported by these new offices across the country; most of these new hires were set to take customer service and support positions.
Furthermore, the exchange revealed that they are working to acquire a license from the Brazilian Central Bank in order to operate as a Payments Institution and are now waiting for approval from BC. It comes after they announced their acquisition of a brokerage company, “Sim;paul, which has this license.”
According to research by Triple A, cryptocurrency is becoming more and more commonplace in Brazil, to the point that big exchanges are now looking to Brazil as a crucial market for cryptocurrency services.
Binance also claims that “Brazil is among the company’s top 10 markets in the world and is the largest in Latin America.”
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