Binance, a cryptocurrency exchange, is expanding its offerings in Latin America with the launch of a new crypto-to-bank account payment solution. The new product, called “Send Cash”, allows users from nine countries to transfer crypto funds directly to bank accounts. The countries include Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico.Users from these countries will be able to send money via Binance Pay to recipients with bank accounts in Colombia and Argentina. Binance Pay is the exchange’s native crypto payment technology platform and has seen growth in Africa, Asia and Eastern Europe.According to a 2021 World Bank study, 42% of adults in Latin America lack access to a bank account. Crypto is often used for remittances in the region and adoption is increasing due to rampant inflation in many LATAM countries. Venezuela has the highest inflation rate in the world at 398%, according to Trading Economics. Argentina has the fourth highest inflation globally at 113%. Inflation also remains in the double figures for Haiti, Cuba, and Colombia.Despite this, Binance has had some issues in Latin America. On Aug. 24, the exchange said it was suspending its crypto debit card services in the region. Meanwhile, stablecoin issuer Circle announced a partnership on Aug. 29 to bring its USD Coin to LATAM’s largest fintech firm Mercado Pago, which will offer the stablecoin in Chile.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | South America |
| Countries | 🇨🇴 🇭🇳 🇬🇹 🇦🇷 🇨🇷 🇵🇾 🇩🇴 🇵🇦 🇲🇽 🇭🇹 🇨🇺 🇨🇱 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | Min Lin, Circle, Trading Economics, World Bank, Mercado Pago |
| Companies | Coinbase, Circle, Bitget, Mercado Pago., Binance, World Bank |
| Currencies | dominican peso, Mexican Peso, argentine peso, Colombian Peso, Ethereum, Bitcoin |
| Securities | None |
