Leading cryptocurrency exchange Binance is expanding its presence in Latin America.
New "Send Cash" Service From Cryptocurrency Exchange Binance
Leading cryptocurrency exchange Binance is expanding its presence in Latin America by unveiling a novel crypto-to-bank account payment solution catering to the region's growing demand for innovative financial services.
"Send Cash," a newly launched service, has been unveiled in association with authorized transfer processing companies. This service promotes better accessibility to digital assets by enabling users from nine Latin American nations to transfer crypto funds straight to their bank accounts.
Users in nations like Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico can use Binance's "Send Cash" feature. Through Binance Pay, the exchange's native crypto payment technology platform, recipients with bank accounts in Colombia and Argentina will be able to receive money.
The move comes against the backdrop of challenges in the region's financial landscape, with approximately 42% of adults lacking access to bank accounts, according to a 2021 World Bank study cited by Binance.
Cryptocurrencies have gained traction in Latin America for remittances, fueled by persistently high inflation rates in countries like Venezuela, where inflation is at a staggering 398%, and Argentina, with the fourth-highest global inflation rate of 113%.
