Binance Seeing a Surge in Crypto Clients Due to Inflation

Share This Post

Binance, the world’s largest crypto exchange, has reported a surge in customers amid a strong dollar that has continued to boss other currencies. A company executive speaking with Reuters stated that the surge in clients being enjoyed by the platform is because of rising inflation. 

According to Maximiliano Hinz, a leading executive at Binance Latin America, cryptocurrency is becoming attractive to more and more people because of global inflation. With U.S July inflation data coming in at 8.5%, people are beginning to invest more in bitcoin to protect themselves from inflation. 

Hinz reiterated his point by making an example of Argentina, where the country’s annual inflation has risen to as high as 90%. And it isn’t only Argentina that is seeing record inflation. Inflation rose to as high as 9.1% in June in the U.S., forcing authorities to increase interest rates by 75 basis points. 

Given the record inflation in Argentina, Brazil, and Mexico, this region has become one of Binance’s top markets. Despite the crash in crypto prices, more and more Argentinians are converting their savings into Bitcoin.

Even though Binance has reported a surge in clients, thanks to rising inflation in many countries, the company has not stated the exact number of clients that have joined the platform in the last couple of months. 

Growing crypto adoption 

While Binance is seeing a surge in crypto clients as inflation continues to bite harder, there has also been state-wide crypto adoption. El Salvador has led the pack following the country’s adoption of Bitcoin as a legal tender. The Latin American nation has invested over $100 million in Bitcoin since making Bitcoin its legal tender. Although crypto prices have dropped significantly since then, the country isn’t relenting in its attempt to keep its economy afloat using Bitcoin. 

Despite countries in the South American region being receptive to cryptocurrency, there still isn’t any meaningful cryptocurrency legislation in the region. The company hopes things will improve as adoption begins to take center stage. 

Nitish Vaibhav
Nitish Vaibhav
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

Related Posts

Best Pharma Stocks List – Top 6 Pharma Stocks To Buy Now

The pharmaceutical market is considered one of the most...

Best Crypto Exchange in India – List of Top 5 in 2022

Cryptocurrency enthusiasts in India are more passionate than ever...

What is Options Trading? How Does Options Trading Work?

Options are a leading financial derivate in the investment...

What Is Polygon MATIC? A Detailed Guide to Polygon Crypto & Network

The Polygon MATIC network has swiftly risen to prominence...

What Is Sandbox? Everything You Need To Know About The Sandbox Metaverse

Setting the stage for a new digital age, many...

Blue Chip Stocks Explained: What Are Blue Chip Stocks?

While the investing domain is generally labeled as high-risk-prone...
Would love your thoughts, please comment.x