Binance launches Send Cash in Latin America

Binance has launched a new platform that will allow for the transfer of crypto from Binance Pay in nine Latin American countries. 

Called Send Cash, users can transfer digital funds at a reduced costs more quickly through licensed providers, Binance wrote in a Tuesday statement.

The platform will first be available in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama and Mexico. Users in the nine countries can send funds to bank accounts in Colombia and Argentina in the first stage of launch. 

Latin America crypto growth

"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,"  Min Lin, Binance's Regional Vice President for Latin America, said in a statement.

The move comes shortly after Binance ended a crypto card payment program with Mastercard across four countries, including Colombia and Argentina, on Aug. 24.

Ark Invest earlier this week highlighted growing adoption of crypto in Argentina, which has been struggling with red hot inflation. The economic backdrop has set the stage for Javier Milei, a pro-bitcoin libertarian presidential candidate, to rise in political prominence.

Stablecoin issuer Circle, meanwhile, said Tuesday that it joined forces with Latin American payments giant Mercado Pago to introduce USDC to customers in Chile. Num Finance said earlier this month that there's a "unique opportunity" to tokenize remittances in the region with the introduction of a new stablecoin on Polygon that's pegged to the Colombian Peso.