On Aug. 30, Binance said it’s working with licensed transfer processing providers for its new “Send Cash” product that allows users from nine countries to transfer crypto funds directly to bank accounts.
The new function is available for users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico.
Users from these countries will be able to send money via Binance Pay to recipients with bank accounts in Colombia and Argentina. Binance Pay, which has seen growth in Africa, Asia and Eastern Europe is the exchange’s native crypto payment technology platform.
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“Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face,” he added.
Binance highlighted the challenges in Latin America citing a 2021 World Bank study that said 42% of adults lack access to a bank account.
Argentina has the fourth highest inflation globally at 113%. Inflation also remains in the double figures for Haiti, Cuba, and Colombia.