Binance, the renowned cryptocurrency exchange, takes another monumental step in Latin America. This time, it’s unveiling a unique crypto-to-bank payment solution tailored for the region.
Binance’s Innovative “Send Cash” Product
Announced on August 30, Binance’s latest initiative involves collaborating with licensed transfer processing agents. This joint effort culminates in creating the “Send Cash” product for direct crypto transfers to bank accounts.
Available in nine countries, the function caters to users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. This innovation means individuals in these nations can effortlessly send funds via Binance Pay. Notably, recipients in Colombia and Argentina are set to benefit as they can receive these direct bank transfers.
Follow CryptoMode on Twitter, Youtube and TikTok for news updates! Growing in stature and popularity, Binance Pay is not a newcomer to the global scene. It’s already made significant strides in Africa, Asia, and Eastern Europe. This platform stands as Binance’s premier crypto payment technology solution.
Min Lin Speaks on the Expansion
Min Lin, Binance’s Regional Vice President for Latin America, emphasized the drive to integrate crypto into daily routines. He remarked, “The Latin American populace and its businesses display an impressive openness towards groundbreaking solutions addressing their unique challenges.”
Binance’s push isn’t without reason. A 2021 World Bank report sheds light on the financial constraints in Latin America: a staggering 42% of adults are without bank accounts. With inflation soaring in several countries, crypto emerges as a viable financial refuge. It’s already a favored choice for remittances.
Two nations significantly affected by inflation are Venezuela and Argentina. According to Trading Economics data, Venezuela leads with an alarming 398% inflation rate. Argentina isn’t far behind, securing the fourth global spot with 113% inflation. Haiti, Cuba, and Colombia also grapple with considerable inflation, each reporting double-digit figures.
While Binance is making advances, it hasn’t been without hitches. A mere week ago, on August 24, Binance paused its crypto debit card offerings in Latin America, reminding us of the complex landscape of crypto adoption.
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