Binance Pay fits into the Brazil pix for instant crypto payments on the largest latam market

Binance has joined its payment service, Binance Pay, with the Brazil Pix system, allowing crypto-to-fiat payments in real time for millions of users in the greatest economy in Latin America.

The new feature allows Binance users in Brazil to instantly convert digital assets to Brazilian reais and make payments to any Pix or Marchand compatible bank account, the exchange said in a press release of May 20.

With the support of more than 100 cryptocurrencies, integration brings together digital currencies of daily use by integrating them into a payment network already trusted by more than 174 million Brazilians.

Brazil Pix used by 76.4% of the population

Pix, launched by the Brazilian central bank in 2020, quickly exceeded traditional payment methods.

According to official figures, it is now used by 76.4% of the population, exceeding cash and popularity cards. The platform processes about 6 billion transactions per month.

“This is an important step for the adoption of cryptography in Brazil,” said Guilherme Nazar, regional vice-president of Binance for Latin America.

“For the first time, Binance Pay is fully integrated into a national payment system. It allows users to spend the crypto in the same transparent way that they use Pix daily – quickly, safely and without complications. ”

Richard Teng, CEO of Binance, described The Move a “revolutionary stage” which mixes the rapid and developed pix system of the Brazil government with the global binance scale.

“This synergy allows users of real -time transactions and stimulates financial inclusion to new heights,” said Teng.

Brazil ranks sixth in the world in adoption of cryptography, with 17.5% of the population with digital assets, according to triple-a.

A recent investigation by Instituto Locomotiva for Binance also revealed that 42% of Brazilian investors already hold Crypto, a figure equally with more traditional assets such as actions and investment funds.

In April, Brazil entered history by launching the first world fund negotiated on the stock market (ETF) which follows the cash price of XRP, the indigenous cryptocurrency of Ripple.

Appointed Hashdex Nasdaq XRP Fundo de índice (FI), the ETF is managed by the manager of the Brazilian asset Hashdex and administered by Genial Investments Securities Brokerage SA, with a brilliant bank its servant.

Bhutan hits binance to launch national payment of Crypto tourism

In another development, Bhutan has teamed up with Binance Pay and DK Bank to allow tourists to pay almost all expenses related to travel using cryptocurrency.

Tourists can now use digital assets to pay flights, hotels, visits, visa costs and even shopping on the road.

The system, supplied by the binance application, supports more than 100 cryptocurrencies and allows real-time transactions via QR codes.

Payments are instantly paid in local currency by DK Bank, eliminating the need for traditional banking systems, exchange of currencies or international cards, which makes travel more transparent and affordable for foreign visitors.

More than 100 Bhoutani merchants, including rural craftsmen and small sellers, joined the system, even allowing distant companies to accept cryptography payments via a simple smartphone.

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