According to a report by a senior executive on Binance, the world’s largest crypto exchange platform by trading volume, individual investors are sweeping up crypto assets amidst the continuous inflation ravaging the global economy.
Reuters reported that Maximiliano Hinz, the CEO of Binance in Latin America, stated that rising global inflation is driving investors into buying Bitcoin (BTC) and other digital assets to secure their wealth.
In the interview, Hinz stated, “Since we are seeing rising cost of living worldwide, we are seeing that a growing number of individuals are looking for cryptocurrency, like Bitcoin, as a method to safeguard themselves from the rising cost of living.”
According to Hinz, Binance is experiencing an increase in new users due to inflation and a stronger currency. Argentina, whose annual inflation rate hit 71% as of July this year, is one of the crypto exchange giant's top-performing markets. Other big markets for Binance include Brazil and Mexico.
Hinz claimed that this surge in crypto adoption occurred despite the lack of clear regulations for crypto assets across the region.
“Regulation is a framework, but it’s not always negative that something isn’t regulated. If something isn’t banned, then it’s legal,” he said.
Earlier this month, Binance partnered with Mastercard to launch a crypto card in Argentina that aims to bridge the gap between digital assets and daily life purchases, such as goods, services, and bills.
The card will enable new and existing Binance users in Argentina with a national ID card to make purchases and pay bills with cryptos, including Bitcoin (BTC) and Binance coin (BNB).
According to the press release, the product is currently in the beta phase and is projected to become widely available in the coming weeks.
