Binance, the world’s largest crypto exchange, has announced the launch of ‘Send Cash’ in Latin America. This new feature will enable users in nine countries within the region to transfer cryptocurrency to bank accounts quickly, easily, and cost-effectively via Binance Pay.
The service leverages licensed transfer processing providers to facilitate these transactions.
The ‘Send Cash’ feature aims to simplify digital transfers by reducing time and costs, utilizing Binance Pay’s crypto payment technology and the services of licensed providers. Initially, the service will be available to Binance users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico.
During the first stage, funds can be sent to recipients with bank accounts in Colombia and Argentina at market-leading low costs. Min Lin, Regional VP for Latin America at Binance, stated that the launch of ‘Send Cash’ reaffirms Binance’s commitment to financial inclusion and the crypto industry in Latin America. The company aims to develop new ways of using crypto in daily life, catering to the specific challenges faced by individuals and businesses in the region.
According to the World Bank’s Global Fintex 2021 report, 42% of adults in Latin America and the Caribbean still lack access to a bank account, compared to 24% globally. Binance says it aims to bridge this gap by offering crypto solutions that not only provide financial inclusion but also reduce transaction time and costs for those already in the traditional financial system.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/30/
