Binance has introduced a new product for its users across Latin America to seamlessly transfer their cryptocurrency holdings into their bank accounts.
The newly launched service, Send Cash, allows crypto transfers from nine countries in the region, including Argentina, Colombia, Costa Rica, Dominican Republic, Guatemala, Honduras, Mexico, Panama, and Paraguay.
According to Binance, the rollout of the new product will occur in stages, and users in Colombia and Argentina will be the first to use it. This feature is expected to provide users with a reliable and secure means of transferring crypto assets into traditional bank accounts.
The crypto exchange also claims the new feature would be powered by its instant crypto payment technology, Binance Pay, and its partnership with various licensed payment service providers in the region.
This move follows the recent discontinuation of “Binance Card” services in the same region. Binance Card allowed users to conduct transactions using a MasterCard-powered debit card linked to their crypto holdings on the exchange.
However, the exchange clarified that MasterCard’s decision to discontinue support for the debit card product was the reason behind the service’s termination. The exchange reassured users of its intention to introduce new offerings to facilitate seamless transactions.
This move also aligns with Binance’s broader approach of expanding its services in Latin America. It parallels the introduction of its instant crypto payment service, Binance Pay, in Brazil. This service supports over 70 cryptocurrencies, including popular options like Bitcoin, Ether, Binance Coin, and Tether’s USDT. The exchange noted that the service’s launch in the region is aimed at enabling local merchants to offer a new payment alternative to their customers.
While speaking on its newest product, “Send Cash”, Min Lin, Binance’s Regional VP for Latin America, noted that its launch demonstrates the exchange’s commitment to the crypto industry in Latin America. Lin expressed Binance’s commitment to addressing the unique challenges individuals and businesses face in Latin America by delivering tailored solutions.
According to Lin:
“Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face and, from Binance, we continue to work to respond to them with products that fit those local needs.“
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
