Binance said on Wednesday that she merged her payment platform, Binance Pay, with the Brazilian PIX system widely used, providing encrypted powers in the Brazilian Reais across the country.
This step is said to allow Brazil’s bank users to convert more than 100 encrypted currencies immediately to Reais to pay merchants or transfer money into any PIX account.
The transactions are completed within seconds, which Binance says helps this Bring “Crypto to daily life and making it easy for users to spend digital assets in the real world transactions.“
“This is an important milestone because it is the first time that Binance salaries have been integrated into a national payment system in the world,” said Gilhery Nassar, Vice President of Bennes Regional to Latin America. It allows our users in Brazil R.o Use their encrypted currencies for payments in any commercial institution and anyone in the country“
PIX, launched by the Central Bank of Brazil in 2020, is used by more than 174 million Brazilian and deals with about 6 billion per month.
According to the Central Bank, 76.4 % of the population uses pixels, bypassing the use of debit and discount card.
Richard Ting, Binance CEO, described integration as a “revolutionary step forward”, combining PIX speed with access to global encryption infrastructure in Binance.
Brazil is ranked sixth in the world in the adoption of the cryptocurrency, with 17.5 % of its population digital assets.
According to a recent survey found that 42 % of Brazilian investors already have encryption, equal to those who carry shares or joint investment funds.