Binance, which this week announced the purchase of the traditional investment platform Yes; paul in Brazil, will invest in more companies in this segment in the country. This includes financial institutions such as banks and payment service providers. That’s what the founder and CEO of the world’s largest cryptocurrency exchange, Changpeng Zhao, the CZ, said today (16) at the end of the lectures at the Ethereum Rio 2022.
CZ also said he wants Binance to go from the current 100 to 5,000 employees. However, he did not say how long. But it indicated that this plan includes facing fewer regulatory problems in Brazil. Thus, he stated that he has been in the country for almost a week and has met with authorities and regulators. One of them was the governor of SĂŁo Paulo, JoĂŁo Doria, with whom he was on Monday (14).
“We want to work with regulators on how to make the sector grow sustainably,” he said. In July 2020, the Securities and Exchange Commission (CVM) ordered the company to stop offering cryptocurrency derivatives to customers in the country because it did not have local authorization to do so.
The purchase of traditional investment companies, which therefore operate in the regulated market, is a way of being closer to the sheriffs of the market. It can also be a way of showing willingness to operate in a regulated manner.
CZ Announces Binance Exchange Program
At the beginning of his speech, CZ mentioned the licenses he has recently obtained to operate, such as in Bahren, a license for cryptocurrencies in Dubai and a license in the state of Louisiana, the 45th, out of 50 in the country, in which he obtained this in the United States (USA) .
The information that Sim;paul is in São Paulo made the secretary of economic development of Rio de Janeiro, Chicão Bulhões, try to sell Rio as a good investment destination for Binance. And that made CZ take care to include Rio in his talks about initiatives in Brazil. For example, it reported that the crypto company will have a global exchange program, but people have to pass a blockchain test. And Rio will be included in that.
Bulhões, who participated in the panel with CZ, said that São Paulo has a consolidated scenario, while in Rio there are many opportunities. He cited a R$50 million fund for teaching programming to public high school students and immigrants, for example. And the “Mara Valley”, that is, the Porto Maravilha area, where facilities such as the Museum of Tomorrow are located.
In it, the service tax (ISS) is 2% for innovation and technology activities. A few years ago, the government tried to revitalize the area, which was supposed to be a new business center for the city. But, with the fiscal crisis of the city and the state, the promised public services did not work and the investments did not arrive. Now, the bet is on innovation and IT.
Ethereum Rio talks ended today
Before the entry of CZ there was a certain tension, so much so that the organizers, when introducing the founder of Binance, had to tell the audience that everyone is entitled to have an opinion, but this was an Ethereum event and the goal was to keep the tranquility that prevailed until then. At the end of the panel, which lasted 21 minutes, CZ was applauded and offered to take selfies with the audience. But he asked that it be one at a time. “Don’t run!”
Ethereum Rio 2022 is the first Brazilian edition of an event that takes place in different parts of the world. It started on the 11th and runs until next Sunday (20th), now with Hackathon and digital art exhibition.