Binance, a leading cryptocurrency exchange is expressing its intent to expand its operations in Brazil. It announced it had signed an agreement with Brazil’s regulated brokerage company in securities, and plans to acquire it. Sim;paul Investimentos offers a variety of investment options, including stocks and various funds. The company is fully compliant with Brazilian laws.
Binance Signs Memorandum with Sim.paul Investimentos
Binance has its eyes on Latam and specifically Brazil as it seeks to gain a stronger foothold there. After clearing regulatory requirements, the exchange has signed a memorandum of agreement with Sim;paul Investimentos in Brazil, which allows it to acquire the company.
Binance’s move, according to the press release issued, has the goal of developing the cryptocurrency and the blockchain ecosystem in Brazil. Changpeng Zhao is the CEO of Binance.
In a fast-developing market like Brazil, crypto can transform and facilitate people’s lives and as such we believe – in full collaboration with local authorities – that Binance has a lot to contribute in developing the community and ecosystem in Brazil.
Sim;paul Investimentos aimed at increasing the value of its investments over the last year. It was supported by wealth managers and partnerships. The company did however sell its client portfolio to Guide Investimentos. Sim;paul Investimentos, a national brokerage, also sold the technology department to Warren.
Policies for expansion
Binance earlier in the month announced an expansion strategy. This is reflected in this latest move. Zhao stated that the company’s future strategy will include investments in traditional sectors and markets. Zhao declared:
We are looking to find and invest in one to two economic targets within every sector, and then try to make them part of crypto.
Binance’s investments also include sectors such as publishing and media. As part of its Web3 strategy, Binance announced that it had invested $200 million in Forbes (a global media company) on February 10.
What do you think about Binance’s investment in Brazil and its expansion policy? Please leave your comments below.
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