NewsletterJust In: Binance Ushers in “Send Cash” Crypto Platform in Latin America
Binance, a cryptocurrency exchange, has unveiled a platform called Send Cash in Latin America. Hence, a significant development, this initiative primarily targets users in nine countries, empowering them to shift funds seamlessly from crypto to traditional bank accounts.
Send Cash, an offshoot of Binance Pay, promises swifter, cost-effective transfers through licensed channels. Initially, this facility will cater to users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. Moreover, this rollout’s primary phase emphasizes direct fund transfers to bank accounts in Colombia and Argentina.
Send cash.
Instant. Low fees. https://t.co/sqBnIAqABQ— CZ 🔶 Binance (@cz_binance) August 29, 2023
Binance Strengthens Financial Inclusion
According to recent World Bank’s Global Fintex 2021 statistics, 42% of Latin American and Caribbean adults remain without a bank account. In contrast, this figure is 24% for the worldwide adult populace. Consequently, initiatives like Send Cash emerge as potential game changers, focusing on filling this chasm.
Min Lin, Binance’s Regional Vice President for Latin America, voiced the company’s aspirations.
“This initiative signifies another leap for Binance as we reaffirm our dedication to Latin America’s crypto realm. Besides, we aim to bolster financial inclusivity and concoct innovative crypto applications for daily use,” said Lin.
He added, “We’re geared to address regional challenges with tailor-made products, responding to the local needs.”
Additionally, Binance‘s recent collaborations with industry stalwarts like Despegar, Credencial Payment, and Vita Wallet further underline the company’s commitment. These partnerships look beyond just transactions, focusing on optimizing cross-border payments and broadening the spectrum of payment methods.
As crypto continues to reshape global finance, innovations like Send Cash are poised to redefine boundaries. And with exchanges like Binance leading the charge, the future seems promising for Latin America’s financial landscape.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Kevin Hassett Opens Door to Fed Chair Role as Markets Show 87% Odds of Third Rate Cut
- Elon Musk Says Bitcoin Is True Energy Currency as Peter Schiff Labels It ‘Fake Asset’
- Michael Saylor Hints Fresh Bitcoin Buy With “Green Dots” Tease
- Arthur Hayes Flags High Downside Risk in Tether’s Shift Toward Bitcoin and Gold Reserves
- Peter Schiff Predicts Bitcoin Decline Will Extend Into December as BTC Closes Out Red November
- Will Fusaka Upgrade Push Ethereum Price to New Highs?
- Bitcoin Price Poised for a $100k Run as Coinbase Premium Turns Positive
- XRP Price Prediction: Why XRP Could Rally to $3 This Week?
- Ethereum Price Prediction 2025: How High Can ETH Go by Year-End?
- CoinShares Withdraws Staked Solana ETF Proposal: What’s Next for Solana Price?
- XRP Price Forms Alarming Death Cross Amid Intense Whale Dumping
