Binance, the largest cryptocurrency exchange in the world, signed a memorandum of understanding (MoU) to invest in Sim;paul Investimentos, a Brazilian securities brokerage firm authorized by the Central Bank of Brazil and the Securities and Exchange Commission (CVM).
Binance Signs MoU With Sim;paul
The purpose of the agreement is to expand the use of cryptocurrencies and blockchain in Brazil while promoting Binance’s operations in traditional markets.
Binance founder and CEO Changpeng Zhao (CZ) noted that his crypto company can help foster the growth of the crypto ecosystem in the Latin American country.
“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,” CZ said.
Although both companies have signed the MoU, the Brazilian regulatory authorities are required to approve the deal.
Binance Continues Investment Moves
This is not the only investment that has been made by Binance in recent times. The global crypto company has made various investments as part of its effort to promote the adoption of cryptocurrencies.
Last month, Binance made a surprising $200 million investment in print and digital publisher Forbes, which enabled the exchange to secure a position as one of the top two biggest owners of Forbes and also having two directors out of nine total board seats.
In January, reports revealed that Binance was on track to sign a multi-million dollar jersey deal with Spanish soccer giant FC Barcelona.
BNB Holding Strong
The vigorous efforts made by Binance in promoting the use of cryptocurrencies has boosted its native coin, BNB.
Despite the steep decrease in the general crypto market, BNB seems to have a fair tolerance level, keeping it around $350-$400. It has also maintained its position as the third largest cryptocurrency by marketcap.
