Binance, the largest cryptocurrency exchange by volumes traded, has announced the launch of “Send Cash,” a Latam-focused remittance service. The newly launched tool will allow users in nine countries in the region to send crypto to bank accounts of friends or family in Argentina and Colombia directly, bypassing third-party intermediaries.
Binance Seeks to Ease Remittances in Latam With ‘Send Cash’
On Tuesday, Binance announced the launch of ‘Send Cash,’ a new service that seeks to ease the burden of Latam crypto users trying to send remittances to friends and family in Latam. In a press release, Binance explained that this new tool will allow users in 9 countries of Latam – Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico – to send funds directly to the bank accounts of users located in Colombia and Argentina “at the lowest cost in the market.”
Binance also hinted at the possible expansion of this program to other countries of the region, explaining that Colombia and Argentina were part of a “first stage” of this service.
What simplifies the process for the receiving users is that thanks to Binance’s “services of licensed transfer processing providers,” they will receive the funds directly into their bank accounts. This allows remittance receivers to avoid the hassle of using third-party services to obtain fiat after receiving cryptocurrency, bringing the possibility for less crypto-savvy users to benefit from this service.
Financial Inclusion
With this tool, Binance seeks to help both sides of the aisle: those who use crypto and those who rely on the traditional finance system, allowing both to use the service as a bridge.
According to Min Lin, Regional VP for Latin America at Binance, Latam-based individuals and startups are open to this kind of solution, and the company will “continue to work to respond to them with products that fit those local needs.”
He stated:
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.
Nonetheless, the exchange had to suspend some of its card services in Latam recently after Mastercard decided to terminate its relationship with the company, leaving customers in Argentina, Brazil, and Colombia without access to these cards starting September 22.
What do you think about Binance’s new Latam-focused “Send Cash” remittance service? Tell us in the comments section below.
