- Binance launches “Send Cash” in nine Latin American countries.
- Service emphasizes financial inclusion, aiming to bridge the gap for those without access to traditional banking.
Binance, the world’s leading crypto exchange, recently made waves in the Latin American market with its announcement of a new product: Send Cash. This innovation allows crypto enthusiasts, especially those invested in Shiba Inu, to utilize their assets for transactions in nine specified countries within the region. The development was brought to the limelight via a tweet from Binance, detailing the new product and encouraging users to explore its features.
Send money to family and friends in Latin America with our new product, Send Cash.
You can now transfer crypto via #Binance Pay from 9 countries in the region, allowing your loved ones to receive funds directly into their bank accounts.
Explore below ⬇️https://t.co/jsV2f8RQSM
— Binance (@binance) September 1, 2023
Expanding Shiba Inu Transactions in Latin America
Send Cash, Binance’s new product, opens doors for cryptocurrency aficionados to easily transfer their digital assets, including Shiba Inu, across nine countries within Latin America via the Binance Pay platform. The primary goal behind the initiative, as unveiled by Binance, is to offer users a streamlined way to directly deposit digital funds into the bank accounts of their loved ones.
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The nine countries with Binance clientele that can benefit from the Send Cash service are Honduras, Argentina, Guatemala, Colombia, Costa Rica, Paraguay, Mexico, Panama, and the Dominican Republic. Initially, the service is geared towards enabling users from these countries to deposit funds into bank accounts situated in Argentina and Colombia. Not to mention, Binance assures that these transactions will come with the least possible fees.
Furthermore, in partnership with government-approved transfer service providers, Send Cash will be able to process Shiba Inu payments directly to Argentinian and Colombian bank accounts, thus enhancing cross-border transaction efficiency.
Reactions from Binance’s Leadership
Min Lin, Binance’s Regional Vice President for Latin America, shed light on this monumental step, stating,
“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.”
The discussion around financial inclusion isn’t new. Data sourced from the World Bank reveals that nearly half the adult populace in the Caribbean and Latin America remains outside the financial system, lacking access to conventional banking. Binance seeks to address this divide, emphasizing the role of crypto solutions like Send Cash in narrowing this gap. Beyond Shiba Inu, the Binance Pay platform is also compatible with other major cryptocurrencies such as Bitcoin, Ethereum, XRP, Cardano (ADA), and the stablecoins USDT and USDC.
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