- Binance launched a new “Send Cash” feature allowing users in 9 Latin American countries to transfer crypto to bank accounts in Colombia and Argentina.
- The service aims to target the unbanked population in the region, with 42% lacking bank accounts, per the World Bank.
- Despite setbacks, Binance remains focused on driving crypto adoption in Latin America through products catering to local needs.
Binance is expanding its offerings in Latin America with the introduction of a new service allowing users to send crypto funds directly to bank accounts.
On Tuesday, August 30, Binance announced it is collaborating with licensed transfer processing providers for its new “Send Cash” product. This will enable users from nine Latin American countries to transfer crypto to recipients with bank accounts in Colombia and Argentina.
New ‘Send Cash’ Feature Targets Unbanked Population
The service is now available to users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico.
According to Binance’s regional vice president for Latin America, Min Lin, the exchange is developing new use cases for crypto “in everyday life.”
Binance highlighted the challenges in Latin America, citing a 2021 World Bank study that found 42% of adults in the region lack access to a bank account.
Crypto is often used for remittances in Latin America, and adoption is increasing as rampant inflation persists in many countries. Venezuela, which was not included in Binance’s new service, has the world’s highest inflation rate at 398%, per Trading Economics data. Argentina has the fourth-highest global inflation rate at 113%.
High double-digit inflation also remains in Haiti, Cuba, and Colombia. Crypto-to-bank transfers allow citizens in countries facing economic instability to access financial services.
The new “Send Cash” feature indicates that Binance remains committed to expanding crypto adoption in Latin America through innovative offerings tailored to local users.
By enabling crypto-to-bank account transfers, Binance is bridging the gap between digital assets and traditional finance for unbanked populations across LATAM.