Latin America: Binance Announces Send Cash in LatAm Markets

The new solution allows Binance users in 9 countries in the region to transfer funds from crypto to bank accounts more easily, quickly and cost-effectively.

Binance, which claims to be the world’s leading blockchain and cryptocurrency infrastructure provider and biggest exchange by trading volume (and is also being sued by US regulators for a wide range of issues), is launching Send Cash in Latin America, “a new product that will allow users to transfer crypto via Binance Pay from 9 countries in the region, so that family and friends can receive money directly into their bank accounts, thanks to the services of licensed transfer processing providers.”

This new solution will allow people “to use the crypto payment technology offered by Binance Pay and the services of licensed providers to make their digital transfers more easily, by reducing time and costs.”

Send Cash will be available for Binance users “in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico to transfer their crypto through Binance Pay to send funds to recipients with bank accounts in Colombia and Argentina, in a first stage, at the lowest cost in the market.”

Min Lin, Regional VP for Latin America at Binance, said:

“This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to developing new ways of using crypto in everyday life. Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face and, from Binance, we continue to work to respond to them with products that fit those local needs.”

Financial inclusion is a key driver in “tackling poverty and boosting economic growth.”

According to World Bank’s Global Fintex 2021, 42% of adults “in Latin America and the Caribbean still lack access to a bank account. Globally, this segment represents 24% of the total adult population.”

Crypto solutions systematically seek “to fill this gap and also reduce financial transaction’s time and costs for people who already participate in the traditional system.”

Recently, Binance Pay announced partnerships “with Despegar, Credencial Payment, and Vita Wallet that seek to expand payment and remittance options, accepting Binance Pay as a new payment method as well as optimizing cross-border payments.”

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