Binance plans to invest $53 million in Mexico to build a new fiat-to-cryptocurrency channel.

According to a statement from Binance, the company will invest around $53 million to establish a new payment company called Vameda in Mexico, which will provide deposit and withdrawal services for the Mexican peso. Binance plans to invest this funding over the next four years to expand the fiat-to-crypto trading channels in the Mexican market. Vameda is an electronic payment fund institution that will operate independently from Binance and has already obtained approval from Mexican financial regulatory authorities and will be subject to their supervision.