Binance, the global leader in cryptocurrency exchange, released a statement this week detailing how it will expand its footprint in Latin America with the launch of Send Cash. This new functionality aims to streamline cryptocurrency transfers through Binance Pay to bank accounts.
Binance footprint expansion in Latin America launching ‘Send Cash’
The company views this as a significant move to focus its impact on the Latin American finance market and transform the current financial landscape. Binance typed Send Cash as a win for financial inclusion, which remains an issue in this region as the World Bank’s Global Findex Database 2021 showed that an estimated 42% of Latin American adults do not have access to a bank account.
For a start, people in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico can use Send Cash, and send cryptocurrency to those with bank accounts in Argentina and Colombia. Binance said this service would come at the lowest possible service fees.
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The launch of Send Cash amplifies Binance’s partnerships with companies such as Despegar, Credencial Payment, and Vita Wallet, which recently moved to optimise cross-border digital transactions. Binance also regards this as a tangible solution that speaks for the practical value of cryptocurrency.
Min Lin Source: Binance
Min Lin, the Regional Vice President for Binance Latin America, attested that Send Cash addresses the signature financial challenges of people in this area, by commenting:
This another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to developing new ways of using crypto in everyday life.
