Binance has launched a new platform that will enable crypto transfers from Binance Pay in nine Latin American countries. According to the statement made by the giant cryptocurrency exchange, thanks to this platform called Send Cash, users will be able to transfer their digital funds through licensed providers at lower costs and faster.
Binance launches Send Cash in Latin America!
Binance, the world’s largest cryptocurrency exchange, introduced the platform called Send Cash in Latin America. A significant development, the initiative primarily targets users in nine countries. Send Cash allows users to seamlessly shift funds from crypto to traditional bank accounts.
An offshoot of Binance Pay, Send Cash promises faster and more cost-effective transfers through licensed channels. Initially, this offering will appeal to users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama and Mexico. Also, the first phase of this implementation highlights direct funds transfers to bank accounts in Colombia and Argentina. Binance CEO Changpeng Zhao (CZ) shared this development on his X account.
Send cash.
Instant. Low fees. https://t.co/sqBnIAqABQ— CZ 🔶 BNB (@cz_binance) August 29, 2023
Giant cryptocurrency exchange strengthens financial inclusion
According to the latest Global Fintex 2021 statistics from the World Bank, 42% of adults in Latin America and the Caribbean do not have a bank account. By contrast, this figure is 24% for the worldwide adult population. As a result, startups like Send Cash are focusing on bridging this gap. Thus, they emerge as potential game changers. Binance Latin America Regional Vice President Min Lin made statements about the company’s goals. In this context, Lin said:
This initiative, in which we reaffirm our commitment to the crypto world of Latin America, represents a new leap forward for Binance. We also aim to support financial inclusion and create innovative crypto apps for everyday use. We are ready to meet regional challenges with tailor-made products that respond to local needs.
Send Cash is getting ready to redefine borders!
In addition, Binance’s recent collaborations with industry-leading names such as Despegar, Credencial Payment and Vita Wallet, which you follow on Kriptokoin.com, underline the company’s determination. These partnerships go beyond transactions. Thus, it focuses on optimizing cross-border payments and expanding its range of payment methods. With these developments, the crypto money industry continues to reshape global finance. In this direction, innovations such as Send Cash are preparing to redefine borders. The future looks promising for Latin America’s financial world, led by exchanges like Binance.
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