Binance, the world's largest cryptocurrency platform, has integrated its payment solution, Binance Pay, with Brazil's Pix system. This integration enables instant payments in the local currency using cryptocurrencies and transfers to any individual or merchant across Brazil. Binance users can now make instant transfers and payments directly from their accounts on the Binance exchange to any bank account or pay merchants accepting Pix. The value of the digital asset is instantly converted to Brazilian reais, with transactions completed in seconds.

This launch marks the integration of Binance Pay with Brazil's national Pix payment network, supporting over 100 cryptocurrencies and making it easier for users to spend digital assets in real-world transactions. Richard Teng, CEO of Binance, stated that integrating Pix with Binance Pay combines the speed and accessibility of Brazil's instant payment system with the global reach and innovation of Binance, empowering users with seamless, real-time transactions and driving financial inclusion.

Guilherme Nazar, Binance's regional vice president for Latin America, highlighted that this is the first time Binance Pay has been integrated into a national payment system globally. It allows users in Brazil to use their cryptocurrencies for payments at any commercial establishment and to anyone in the country, quickly, safely, and easily, using a system they are already familiar with. Nazar also noted that the integration of Binance Pay with Pix makes cryptocurrency payments more intuitive for Brazilians and boosts the growth of digital asset adoption in the country.

Pix, launched by the Central Bank of Brazil in 2020, has gained widespread adoption, with over 174 million people and many institutions using the service. It processes around 6 billion transactions per month. According to a Central Bank survey, Pix is used by 76.4% of the Brazilian population, surpassing the use of cash (68.9%) and debit cards (69.1%).

Brazil is the 6th-largest market in cryptocurrency adoption globally, with approximately 17.5% of the population owning some type of digital asset. A recent survey by Instituto Locomotiva for Binance revealed that 42% of Brazilian investors have exposure to digital assets, which is equal to those who own investment funds and stocks.

Binance Pay is a secure cryptocurrency payment feature on the Binance app, allowing users and merchants to pay, send, and receive crypto worldwide without incurring gas fees. It supports over 300 cryptocurrencies and caters to more than 40 million active users and 32,000 merchants.