Payment technology Binance Pay is now live on the Brazilian payment platform Pix. This integration will allow the conversion of crypto into Brazilian reals for everyday purchases.
The addition of Binance Pay gives users access to over 100 cryptocurrencies. Binance Pay is a contactless crypto payment technology that allows people to send or receive crypto or spend their digital assets at a place of business.
“Integrating Pix, a remarkable development by the government of Brazil, with Binance Pay marks a revolutionary step forward, combining the speed and accessibility of Brazil’s instant payment system with the global reach and innovation of Binance,” said Richard Teng, CEO of Binance, who took over in November 2023, shortly after former Binance CEO and founder Changpeng Zhao stepped down.
“This is a significant milestone because it is the first time Binance Pay is integrated into a national payment system in the world,” said Guilherme Nazar, Binance regional VP for Latin America.
Pix conducts millions of transactions every day for residents for their various transactions. Pix was introduced in 2020 by the Central Bank of Brazil, and since then, it has been largely used by Brazilians. The payment platform is used by 174 million people and businesses, and is responsible for 6 billion transactions per month.