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.
In a statement, the company noted that its new offices in Brazil are designed to help it expand its operations in the country and grow the digital asset adoption in Latin America.
The company’s CEO, Changpeng Zhao, visited Brazil last March. He said that the company’s decision to establish its presence in the country was in response to the growing concerns about the industry.
According to a report released by Chainalysis in September 2022, Brazil has become one of the most sought-after destinations for investors and businesses in the cryptocurrency industry. The South American country was ranked seventh on the firm’s Global Crypto Adoption Index. Other countries from the continent such as Colombia, Ecuador, and Argentina were also included in the list.
Despite the current market downturn, the company’s foreign expansion plans are still on track, according to Zhao. He noted that the company’s hiring plans for this year are still on track.
In September, Binance announced that it had partnered with the authorities of Nigeria to establish a digital economic zone within the country. The company noted that the objective of the project is to create a similar type of free zone to that of Dubai.