Crypto giant Binance has shared details with the community today about its new product. Send Cash introduces a new service that aims to address the lack of cryptocurrency integration in our daily lives. Exchanges are aiming to eliminate this gap by offering their own crypto-supported cards and additional services.
Binance Pay and Send Cash
The company’s Binance Card service is being suspended in many regions due to Mastercard’s withdrawal. Binance now wants to attract users with its new product, Send Cash. The new solution is relevant for Binance users in 9 countries in Latin America. With this service, users will be able to transfer funds from cryptocurrencies to their bank accounts easily, quickly, and at a low cost.
Send Cash will allow Binance users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico to transfer their cryptocurrencies through Binance Pay to recipients with bank accounts in Colombia and Argentina at a low cost.
Min Lin, Deputy Regional Director of Binance Latin America, said:
“This is a new step for Binance, renewing its commitment to expanding the benefits it offers in terms of financial inclusion in the crypto industry in Latin America and developing new ways to use crypto in daily life. Individuals and businesses in the region are very open to innovations that can solve specific challenges they face, and we, as Binance, continue to work to respond to these local needs with products tailored to them.”
Adoption of Cryptocurrencies
Cryptocurrencies promise many things to people with limited access to financial services in terms of ease of use. According to the World Bank’s Global Fintex 2021 report, 42% of adults in Latin America and the Caribbean still do not have access to a bank account. Globally, this segment represents 24% of the total adult population. Crypto solutions systematically attempt to fill this gap and also reduce the time and cost of financial transactions for those already participating in the traditional system.
As you may recall, one of the main motivations for El Salvador’s adoption of Bitcoin was the difficulties faced by its citizens when sending money to the country from abroad. Lengthy transfers, heavy regulatory mechanisms, and high fees are among the drawbacks of the current cross-border transfer system.
