Binance’s new director general, Guilherme Nazar, stated in a note to Livecoins that Brazil is among the top ten institutional clients of the brokerage, a number that should grow even more soon.
Last Thursday (19) Binance released a new study on how the brokerage operation ended in 2022.
Considered the largest in global volume, the brokerage ended the year with over 120 million clients, indicating growth in its user base.
Binance CEO Says Exchange Needs To Seek More Institutional Clients
The report points out that even during the crypto winter, adoption and institutional participation have not declined, quite the contrary.
With the launch of Institutional Binance, a complete set of solutions and services for the financial market, Binance’s VIP and institutional businesses saw significant growth and the number of active institutional clients on Binance increased by 65% in the year compared to 2021.
In particular, in Brazil, which ranks among the 10 largest markets for the segment leader, the increase in active institutional clients was 15.5% in the fourth quarter alone.
According to Guilherme Nazar, general manager of Binance in Brazil, the broker will continue to invest in attracting customers.
“Binance has continuously invested in tools and processes that increase security and provide users with even more transparency, building trust. This allowed us to continue to attract new institutional investors even during the crypto winter. We will continue to invest on these fronts in 2023.”
Binance is testing card implementations in Brazil
In the new report released last Thursday, Binance also states that its proprietary card, the Binance Card, is still being tested in Brazil. In addition, the tests are taking place simultaneously in Colombia and in the countries of the Gulf Cooperation Council, namely Oman, United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Kuwait.
Binance Card is a debit card linked to customers’ Binance account. This converts crypto into fiat at the point of sale, allowing Binance users to spend their crypto at over 60 million merchants in nearly 200 countries and territories – just like any other traditional debit card.
When the Binance Card first launched in 2020, it was only available to customers in Europe and allowed cardholders to withdraw five different cryptocurrencies when making fiat payments. Currently, 22 million customers already have the card.
Other key data released by the brokerage indicates that 128 million clients have already been registered. Before that, Binance’s CEO revealed the approximate number of users the exchange had at the end of December 2022.
For example, Binance has an average of USD 65 billion in transactions every day, currently the highest volume on the market.
In the spot market operation, for example, 300 billion spot transactions have already taken place via the platform. In the P2P market, Binance has 14 million customers.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
