Binance's new product "Send Cash"! Facilitating crypto transfers for Latin American users through Binance Pay.
The leading centralized exchange, Binance, has announced the launch of a new product called "Send Cash," which aims to help alleviate the issues of the lack of robust banking systems in Latin America by providing cross-border cryptocurrency transfer services.
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Binance Launches New Product "Send Cash" in Latin America
According to the announcement, Binance is introducing a new product called "Send Cash" in Latin America. Binance stated that this product will allow users to transfer cryptocurrency through Binance Pay in 9 countries in the region, and users can directly transfer received funds to their bank accounts.
The countries supported by this feature include:
- Colombia
- Honduras
- Guatemala
- Argentina
- Costa Rica
- Paraguay
- Dominican Republic
- Panama
- Mexico
In the initial phase, users in these countries can transfer cryptocurrency to bank accounts in Colombia and Argentina at the lowest cost in the market through Binance Pay.
In addition, Binance cited the World Bank's 2021 Fintech Report, stating that 42% of adults in Latin America and the Caribbean still do not have a bank account, accounting for 24% of the global adult population.
In response, Binance stated that it will continue to develop products that meet local needs and systematically bridge regional disparities through cryptocurrency solutions.