Binance Introduces New Crypto-Bank Payment Service In Latin America

Leading crypto exchange Binance is broadening its services in Latin America by introducing a novel payment solution that bridges cryptocurrency with traditional bank accounts.

The exchange announced its collaboration with licensed transfer processors to roll out the "Send Cash" product on August 30. This innovative feature enables users from Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico to seamlessly transfer cryptocurrency funds to bank accounts based in Argentina and Colombia.

Crypto's Growing Role In Latin America

Leveraging the power of Binance Pay, the company's proprietary crypto payment platform that has gained traction in regions like Africa, Asia, and Eastern Europe, users from nine participating countries can now send money directly to bank accounts in Argentina and Colombia. Min Lin, Binance's Regional VP for Latin America, emphasized the company's dedication to integrating cryptocurrency into "everyday life". He noted the region's enthusiasm for solutions that address specific challenges like financial exclusion; 42% of adults in Latin America lack bank accounts. This backdrop, combined with rampant inflation in countries such as Argentina and Venezuela, makes a strong case for the increased adoption of cryptocurrency.

However, Binance's journey in Latin America hasn't been devoid of challenges. The company recently suspended its crypto debit card services in the region. But in a positive development for the broader crypto ecosystem, Circle, the well-known stablecoin issuer, announced a partnership with LATAM's leading fintech firm, Mercado Pago, to introduce its USDC in Chile.

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