Key takeaways:
- With the introduction of a new crypto-to-bank account payment method for Latin America, cryptocurrency exchange Binance is broadening its services.
- The exchange’s native cryptocurrency payment technology platform is called Binance Pay, and it has witnessed expansion in Eastern Europe, Asia, and Africa.
With the introduction of a new crypto-to-bank account payment method for Latin America, cryptocurrency exchange Binance is broadening its selection of services there.
The new “Send Cash” offering, which enables customers from nine countries to send cryptocurrency funds directly to bank accounts, was announced by Binance on August 30. It stated it is collaborating with authorized transfer processing companies.
Users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico can access the new feature.
Users from these nations will be able to transfer funds to receivers with bank accounts in Colombia and Argentina using Binance Pay. The exchange’s native cryptocurrency payment technology platform is called Binance Pay, and it has witnessed expansion in Eastern Europe, Asia, and Africa.
According to Min Lin, regional vice president of Binance for Latin America, the company is creating new cryptocurrency use cases “in everyday life.” Added him:
“Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face,”
In order to illustrate the issues in Latin America, Binance cited a World Bank study from 2021 that revealed that 42% of adults there do not have access to a bank account. The use of cryptocurrencies for remittances is growing in the region as many LATAM countries continue to experience severe inflation.
Venezuela, which is not a part of the new service from Binance, has the highest inflation rate in the world, at 398%, according to Trading Economics. With 113% inflation, Argentina is fourth in the world. Haiti, Cuba, and Colombia all continue to experience double-digit inflation.
The journey for Binance in Latin America hasn’t always been easy. The exchange announced on August 24 that it was ceasing regional operations for its cryptocurrency debit card. The card will be usable until September 21, 2023, after which it will no longer be available.
