Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, is introducing a new solution called Send Cash in Latin America. This product aims to make it easier, faster, and more cost-effective for Binance users in 9 countries in the region to transfer funds from crypto to bank accounts.
By utilizing Binance Pay and the services of licensed transfer processing providers, users can now send money directly to their family and friends’ bank accounts. The initial stage of this service will allow users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico to transfer their crypto through Binance Pay at the lowest cost available in the market.
Min Lin, Regional VP for Latin America at Binance, expressed the company’s commitment to the crypto industry in Latin America and its dedication to expanding financial inclusion and finding new ways to incorporate crypto into everyday life. Binance recognizes that individuals and businesses in the region are open to innovative solutions that address their specific challenges, and they are actively working to provide products that meet these local needs.
Financial inclusion plays a crucial role in tackling poverty and promoting economic growth. According to the World Bank’s Global Fintex 2021 report, 42% of adults in Latin America and the Caribbean still do not have access to a bank account. Cryptocurrency solutions aim to bridge this gap and also reduce transaction time and costs for individuals already participating in the traditional financial system.
In addition to the launch of Send Cash, Binance Pay has recently established partnerships with Despegar, Credencial Payment, and Vita Wallet. These collaborations aim to expand payment and remittance options, with Binance Pay being accepted as a new payment method and cross-border payments being optimized.
By introducing Send Cash and expanding its partnerships, Binance continues to position itself as a leading player in the crypto industry while addressing the specific needs of the Latin American market.
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