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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.
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