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Binance introduces its new "Send Cash" service in nine Latin American nations, offering seamless crypto-to-bank transfers. This initiative enhances financial inclusivity and demonstrates Binance's commitment to expanding cryptocurrency uses in daily transactions.
Likewise, this new crypto-to-bank solution will let Binance users transfer funds from crypto to their bank. One of the advantages of this feature is the fact that the whole process is fast, easy, and very cost-effective.
As per CoinTelegraph, this latest offering from the cryptocurrency exchange firm is part of a scheme to expand its services in Latin America. On Wednesday, Aug. 30, Binance shared it joined forces with some licensed transfer processing providers to activate its "Send Cash" product and make it work for its customers in the region.
To be more precise, Binance's new crypto-to-bank service is available for crypto exchange clients in Argentina, Colombia, Costa Rica, Guatemala, Honduras, Mexico, Panama, Paraguay, and the Dominican Republic. Through Binance Pay, users from these territories may now directly send money to recipients with bank accounts.
Binance Pay is the exchange's crypto payment platform. This is already active in Eastern Europe, Asia, and Africa, where it is also seeing stable growth. In LATAM countries, it was mentioned that people often use crypto for remittances, and the adoption of this method is growing amid the ongoing inflation here.
"This is 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," Binance's regional vice president for Latin America, Min Lin, said in a blog post.
He added, "Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face and, from Binance, we continue to work to respond to them with products that fit those local needs."
Photo by: Kanchanara/Unsplash
