Binance is growing its services in Latin America by introducing the “Send Cash” product, a new crypto-to-bank account payment solution that will facilitate crypto payments from nine regional countries.
Binance announced on August 30 that it is collaborating with licensed transfer processing providers for its new “Send Cash” product, which enables users in nine countries to transfer cryptocurrency directly to bank accounts.
Users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico can access the new feature.
These users can transmit money to recipients with bank accounts in Colombia and Argentina via Binance Pay. Binance Pay, which has grown in Africa, Asia, and Eastern Europe, is the native cryptocurrency payment technology platform of the exchange.
Min Lin, regional vice president for Latin America at Binance, stated that the company was developing novel use cases for cryptocurrencies “in everyday life.”
“Individuals and businesses in the region are extremely receptive to innovations that can solve their unique problems,” he added.
42% of citizens in Latin America lack access to a bank account, according to a study conducted by the World Bank in 2021, which Binance cited to illustrate the difficulties in the region.
Cryptocurrency is frequently used for remittances in the region, and its adoption is growing as rampant inflation persists in many LATAM nations.
According to Trading Economics, Venezuela has the highest inflation rate in the world at 398 percent but is not included in Binance’s new service.
At 113%, Argentina has the fourth-greatest inflation rate worldwide. Additionally, inflation persists in double digits in Haiti, Cuba, and Colombia.
However, Binance has encountered some difficulties in Latin America. The exchange announced the suspension of its crypto debit card services in the region on August 24.
The stablecoin issuer Circle announced a partnership on August 29 to introduce its USD Coin to Mercado Pago, the largest fintech company in Latin America and the Caribbean, which will offer the stablecoin in Chile.
