A Binance, the largest exchange in cryptocurrency volume in Brazil, announced on Tuesday (20) a new feature with Pix in its cryptocurrency payment application in the country. Thus, its customer base can now consume with payment in up to 100 cryptocurrencies.
With the integration, Binance users in Brazil can now make instant transfers and payments directly from their Binance exchange accounts to any bank account or merchant enabled for Pix.
The value of the digital asset in the user’s wallet is instantly converted into reais, and transactions are completed in seconds. With support for over 100 cryptocurrencies, this launch marks the integration of Binance Pay with the national Pix payment network, seeking to bring cryptocurrencies into everyday life and facilitating the use of digital assets in real transactions.
CEO of Binance, Richard Teng says Pix integration is an advancement in Brazil
Praising Pix, Brazil’s instant payment system, CEO Richard Teng highlighted in a statement the new integration with the exchange’s service.
“Integrating Pix, a remarkable development by the Brazilian government, with Binance Pay marks a revolutionary advancement, combining the speed and accessibility of Brazil’s instant payment system with the global reach and innovation of Binance. This synergy empowers users with real-time and hassle-free transactions, enhancing the cryptocurrency experience and driving financial inclusion to new heights,” comments Richard Teng, CEO of Binance.
“This is a significant milestone because it is the first time that Binance Pay has been integrated with a national payment system in the world. It allows our users in Brazil to use their cryptocurrencies for payments in any commercial establishment and to anyone in the national territory, quickly, safely and easily. This launch makes cryptocurrencies more accessible and usable in everyday life, and reflects Binance’s commitment to customizing its global products to meet the demand of our local users,” comments Guilherme Nazar, regional vice president of Binance for Latin America.
Operation with partner
The operationalization of payments will be done by Z.ro Bank, a payment institution authorized to operate by the Central Bank of Brazil.
“Payments are one of the most obvious uses of cryptocurrencies. The integration of Binance Pay with Pix makes payment in cryptocurrencies more intuitive and familiar to Brazilians already accustomed to the Central Bank’s system, and consequently enhances the growth of adoption of digital assets in the country,” adds Nazar.
Pix, an instant payment service created by the Central Bank of Brazil in 2020, has been gaining the preference of Brazilians since its launch in 2020. Currently, more than 174 million people and institutions use the service in the country and carry out about 5.6 billion transactions per month, according to data from the authority.
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