Binance Announces Send Cash in Latin America

Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has launched a new product called Send Cash in Latin America. With this innovative solution, Users in nine countries will be able to transfer funds from cryptocurrency to bank accounts more easily, quickly, and cost-effectively.

Send Cash will allow users to send cryptocurrency through Binance Pay to their loved ones in Latin America. The money can be directly deposited into the recipient’s bank accounts using the services of transfer processing providers. This solution aims to make digital transfers easier and more affordable by reducing both the time and expenses involved.

The service will initially be available for Binance users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. They can transfer their crypto through Binance Pay to send funds to recipients with bank accounts in Colombia and Argentina, with the lowest cost in the market.

Min Lin, Regional VP for Latin America at Binance, expressed his excitement about this development. He stated, “This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to expand the benefits it offers regarding financial inclusion, and to develop new ways of using crypto in everyday life. Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face. From Binance, we continue to work to respond to them with products that fit those local needs.”

Financial inclusion plays a role in addressing poverty and driving growth. As per the Global Fintex 2021 report by the World Bank, around 42% of adults in Latin America and the Caribbean still have no bank account access. This accounts for 24% of the adult population. Innovative solutions like Send Cash are being introduced to bridge this gap and make financial transactions faster and more affordable for individuals already involved in banking.

Binance has been actively expanding its services in Latin America, demonstrating its commitment to the region again with this announcement. In addition to partnering with Despegar, Credencial Payment, and Vita Wallet to broaden payment and remittance options, Binance is now accepting Binance Pay as a payment method while optimizing border payments.

Through Send Cash, Binance strives to promote financial inclusion in Latin America by providing convenient and cost-effective fund transfer solutions for individuals and businesses. With the growing adoption of cryptocurrencies, Binance continues to innovate by catering to user needs across different regions.

Send cash.
Instant. Low fees. https://t.co/sqBnIAqABQ

— CZ 🔶 Binance (@cz_binance) August 29, 2023