The new director general of Binance, Guilherme Nazar, declared in a note to Livecoins that Brazil is among the top ten with 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 more than 120 million customers, indicating growth in the customer base. users.
Binance CEO Says Exchange Should Seek More Institutional Clients
The report points out that even amidst 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. Specifically in Brazil, which is among the 10 largest markets for the leader in the segment, in the fourth quarter alone, the increase in active institutional clients was 15.5%. According to Guilherme Nazar, general director of Binance in Brazil, the broker will continue to invest in attracting customers.
“Binance has continually invested in tools and processes that increase security and provide even more transparency to users, building trust. This has allowed us to continue attracting new institutional investors even during the crypto winter. We will continue to invest on these fronts throughout 2023.”
Binance tests card implementations in Brazil
In the new report released last Thursday, Binance also stated that its own card, the Binance Card, is still being tested in Brazil. In addition, the tests take place simultaneously in Colombia and in the countries of the Gulf Cooperation Council, which are Oman, United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Kuwait. Binance Card is a debit card connected 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 was first launched in 2020, it was only available to customers in Europe, and cardholders could withdraw five different cryptocurrencies when making fiat payments. Currently, 22 million customers already have the card. Other important data released by the brokerage indicate that 128 million customers already have registrations. Before that, the CEO of Binance revealed at the end of December 2022 an approximation of how many users the exchange had. Thus, Binance has a daily average of 65 billion dollars in transactions, currently the highest volume on the market. In the spot market operation, for example, 300 billion spot transactions have already gone through the platform. In the P2P market, Binance has 14 million customers.
