Binance, the cryptocurrency and blockchain infrastructure provider, has announced that it has signed a Memorandum of Understanding to explore the acquisition of Sim;paul Investimentos, a Brazilian securities brokerage firm, authorized by the Central Bank of Brazil and the Securities and Exchange Commission (CVM). The move is intended to further develop the cryptocurrency and blockchain ecosystem in Brazil.

Changpeng Zhao, founder and CEO of Binance, said: “At Binance, our goal is to grow adoption of crypto around the world to generate a positive impact for our users, the crypto and blockchain community, and society in general. In a fast-developing market like Brazil, crypto can transform and facilitate people’s lives and as such we believe – in full collaboration with local authorities – that Binance has a lot to contribute in developing the community and ecosystem in Brazil.”