Binance Expands Crypto-to-Bank Payment Solution in Latin America, Promoting Adoption Amidst Challenges and Inflation
Summary:
Cryptocurrency exchange Binance expands its presence in Latin America with a new payment solution that allows users to transfer crypto funds directly to bank accounts. With a focus on addressing the region's challenges, Binance aims to promote cryptocurrency adoption in everyday life. This move comes as a significant number of adults in Latin America lack access to traditional banking services. Additionally, the use of crypto for remittances is increasing as inflation remains high in many countries. Binance's new service excludes Venezuela, which has the highest inflation rate globally. Binance also recently suspended its crypto debit card services in the region.
Cryptocurrency exchange Binance is expanding into Latin America by introducing a new payment solution that allows users to transfer crypto funds directly to bank accounts. The "Send Cash" feature, in collaboration with licensed transfer processing providers, is now available for users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. With a focus on solving the challenges faced by individuals and businesses in the region, Binance aims to promote greater adoption of cryptocurrencies in everyday life. This move comes as 42% of adults in Latin America lack access to a bank account, according to a 2021 World Bank study. Despite the challenges, the use of crypto for remittances continues to grow in the region due to rampant inflation in many countries. Notably, Venezuela, with an inflation rate of 398%, and Argentina, with a rate of 113%, face the highest inflation globally. Binance's new service, however, does not include Venezuela. In other news, Binance recently suspended its crypto debit card services in Latin America, while stablecoin issuer Circle is partnering with Mercado Pago, LATAM's largest fintech firm, to bring USD Coin (USDC) to Chile.
Published At
8/30/2023 4:23:33 AM
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