Registered crypto users in Brazil are increasing at a consistently steady pace, despite the bear market rearing its ugly head.
Based on latest data, the South American country has tallied more than 1 million registered crypto accounts for the month of July alone, adding to its nearly 35 million users, Brazilian tax authority Receita Federal disclosed.
The figure is one reason why global cryptocurrency exchange Binance has officially inaugurated two new offices in the country.
The Changpeng “CZ” Zhao-led crypto exchange seeks to expand its presence in South America, where a number of corporations have added digital asset trading services to their portfolios in recent months.
After announcing new locations in Sao Paulo and Rio de Janeiro on October 3rd, Binance has hired more than 150 people
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