Binance, the world’s leading cryptocurrency exchange, announced the launch of “Send Cash,” a new service to facilitate crypto-to-bank account transfers in Latin America. The service, which became operational on August 29, is available to users in nine countries, including Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. Initially, the service will enable transfers to bank accounts in Colombia and Argentina.
The introduction of “Send Cash” is part of Binance’s broader strategy to promote financial inclusion in a region where 42% of adults still lack access to traditional banking, according to the World Bank’s Global Fintex 2021 report. The platform aims to reduce both the time and cost associated with digital transfers, leveraging Binance Pay’s crypto payment technology and the services of licensed transfer processing providers.
Binance’s commitment to financial inclusion and regional partnerships
Min Lin, Regional Vice President for Latin America at Binance, emphasized the company’s commitment to the crypto industry in Latin America. “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,” Lin stated.
The launch of “Send Cash” follows Binance Pay’s recent partnerships with Despegar, Credencial Payment, and Vita Wallet, aimed at expanding payment and remittance options in the region. These partnerships are part of Binance’s ongoing efforts to optimize cross-border payments and offer new payment methods that cater to local needs.
The move also comes shortly after Binance ended a crypto card payment program with Mastercard across four countries, including Colombia and Argentina, on August 24. This termination highlights Binance’s shift in focus towards developing its own platforms and services, rather than relying on traditional financial systems.
The introduction of “Send Cash” is expected to have a significant impact on the crypto landscape in Latin America, particularly in countries like Argentina, which has been grappling with high inflation rates. The economic backdrop has set the stage for pro-bitcoin libertarian presidential candidate Javier Milei to rise in political prominence.
Furthermore, stablecoin issuer Circle recently joined forces with Latin American payments giant Mercado Pago to introduce USDC to customers in Chile, indicating a growing interest in crypto solutions across the region.