Binance Launching Send Cash in Latin America
Binance introduces Send Cash, a low-cost solution for quick transfers from crypto to traditional bank accounts in Latin America.
Binance, the world's leading cryptocurrency exchange, is making moves in Latin America with its latest offering—Send Cash, designed to facilitate quick and low-cost transfers from crypto to traditional bank accounts.
Send Cash is an extension of Binance Pay and aims to provide users in nine Latin American countries with the ability to transfer digital funds swiftly and at reduced costs. The platform will initially be available in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. During the first phase, users can send funds directly to bank accounts in Colombia and Argentina.
Why Latin America?
According to the World Bank's Global Fintex 2021 statistics, 42% of adults in Latin America and the Caribbean still need a bank account. This is significantly higher than the global average of 24%. Send Cash aims to bridge this gap by offering a more accessible way to transfer funds, thereby promoting financial inclusion.
Min Lin, Binance's Regional Vice President for Latin America, stated that the launch of Send Cash is another step forward for Binance in its commitment to the crypto industry in Latin America. The company aims to address regional challenges with tailor-made products that respond to local needs. Binance has also recently collaborated with industry leaders like Despegar, Credencial Payment, and Vita Wallet to optimize cross-border payments and expand the range of payment methods.
The launch comes after Binance ended a crypto card payment program with Mastercard in Colombia and Argentina.
The economic backdrop in countries like Argentina, which is grappling with high inflation rates, has set the stage for increased adoption of crypto. Innovations like Send Cash are poised to boost the financial boundaries in the region, making the future look promising for Latin America's financial ecosystem.