Binance, the largest crypto exchange by volume traded has announced expansion plans for Brazil. Two new offices will be opened by the exchange in Brazil to house 150 employees. They will have the option to work remotely or in-office. In the future, the company may launch a debit card.
Binance expands its team facilities in Brazil
Latam countries such as Brazil are increasingly important to cryptocurrency exchanges around the world due to the crypto boom. Binance, a leading cryptocurrency exchange, recently announced that it would open two offices in Brazil. According to reports, employees will be able to choose whether they want these offices or work remotely.
These new offices will be in Rio de Janeiro, and Sao Paolo. They will serve as co-working spaces for employees of Binance Brazil. The company was only 60 people at the start of the year, but this has now increased to 150.
Compliance Moves and Launch of a Debit Card
Although Binance has had to deal with compliance issues in several other countries, the exchange is working hard to be compliant in Brazil. The company purchased Sim;paul Investimentos, a Brazilian regulated payment institution, in March. This acquisition is still being analyzed by the central bank.
Matthew Shroder (global vice president and regional director of Binance) stated the following:
We are taking proactive steps to make sure that we comply with the requirements to be a crypto exchange even before the new regulations take effect.
Due to the impending general election in October, Congress is yet to discuss the Brazilian cryptocurrency bill that was introduced last year.
Shroder also suggested that a Mastercard product would be launched to allow Brazilians to use cryptocurrencies to pay using a debit card. This is similar to the one that was launched in Argentina last month. He explained that:
span class =""> We are already seeing results in Argentina that show the product is very popular. We are still evaluating the markets that will follow… but given the importance of Brazil to Binance and the size of this market, Brazil is certain to be the first choice.
What do you think of the plans for expansion that Binance has in Brazil. Comment below.
Frequently Asked Questions
Are You Ready to Invest in Gold?
It depends on how much you have saved and if gold was available at the time you started saving. If you're unsure about which option to choose then consider investing in both.
Gold is a safe investment and can also offer potential returns. It is a good choice for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. Its value fluctuates over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. It is important to consider the fluctuations when planning your portfolio.
Another benefit to gold? It's a tangible asset. Gold is more convenient than bonds or stocks because it can be stored easily. It can also be carried.
As long as you keep your gold in a secure location, you can always access it. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold usually rises when stocks fall.
Another advantage to investing in gold is the ability to sell it whenever you wish. You can easily liquidate your investment, just as with stocks. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
You shouldn't buy too little at once. Start with a few ounces. Next, add more as required.
Don't expect to be rich overnight. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
What is the tax on gold in an IRA
The fair market value of gold sold is the basis for tax. You don't have tax to pay when you buy or sell gold. It's not considered income. If you sell it later, you'll have a taxable gain if the price goes up.
Loans can be secured with gold. When you borrow against your assets, lenders try to find the highest return possible. This usually involves selling your gold. This is not always possible. They might keep it. Or they might decide to resell it themselves. In either case, you risk losing potential profits.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. It's better to keep it alone.
What precious metals could you invest in to retire?
These precious metals are among the most attractive investments. Both are easy to sell and can be bought easily. These are great options to diversify your portfolio.
Gold: The oldest form of currency known to man is gold. It's also very safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has been a favorite among investors for years. It is an excellent choice for investors who wish to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's resistant to corrosion and durable, similar to gold and silver. It is however more expensive than its counterparts.
Rhodium: Rhodium can be used in catalytic convertors. It is also used for jewelry making. And, it's relatively cheap compared to other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It is also cheaper. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These rare metals are often called “precious” as they are very difficult to find and highly valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Precious metals are sometimes called “bullion.” Bullion refers simply to the physical metal.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This ensures that you will receive dividends each and every year.
Precious metal IRAs have no paperwork or annual fees. Instead, you pay only a small percentage tax on your gains. Plus, you can access your funds whenever you like.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
cftc.gov
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example and Risk Metrics
finance.yahoo.com
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
The best place online to buy silver and gold
Before you can buy gold, it is important to understand its workings. It is a precious metal that is very similar to platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It is hard to use, so most people prefer jewelry made of it to real bars of gold.
Two types of gold coins are available today: the legal tender type and the bullion type. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They cannot be used in currency exchanges. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. There are many options for buying gold directly from dealers. You can start by visiting your local coin shop. You can also try going through a reputable website like eBay. You may also be interested in buying gold through private sellers online.
Private sellers are individuals that offer gold at wholesale or retail prices. You pay a commission fee between 10% and 15% for each transaction when you sell gold through private sellers. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. However, this option is often a great choice when investing in gold since it gives you more control over the item's price.
Another option for buying gold is to invest in physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. It is important to keep your physical gold safe in an impenetrable box such as a vault, safety deposit box or other secure container.
When buying gold on your own, you can visit a bank or a pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks tend to charge higher interest rates, while pawnshops are typically lower.
Another way to purchase gold is to ask another person to do it. Selling gold is easy too. Set up a simple account with GoldMoney.com and you will start receiving payments instantly.
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By: Sergio Goschenko
Title: Binance to Open Two Offices in Brazil, Company Hints at Debit Card Launch
Sourced From: news.bitcoin.com/binance-to-open-two-offices-in-brazil-company-hints-at-debit-card-launch/
Published Date: Wed, 21 Sep 2022 05:30:08 +0000
