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Binance Introduced Latin American Fiat Gateway

Binance, the world’s major cryptocurrency exchange in terms of trading volume is mounting at a great speed. In the recent updates, the company has announced the opening of a fiat gateway for Latin America.

Per the announcement, Binance has partnered with Settle Network- Latin America’s largest digital assets settlement platform to launch the new platform named Latamex, under the Binance Fiat Gateway for the populace. 

This new shift has enabled Latin Americans to directly purchase the cryptocurrencies via fiat through the new channel. However, to start with, Binance has decided to launch the services in two locations- Argentina and Brazil and allow the purchases of few cryptocurrencies such as BTC, ETH, BNB including stablecoins like BUSD, with the Argentine Peso (ARS) and Brazilian Real (BRL).

Although, Latamex’s official website displaying the names of 13 more Latin American countries where this facility would be accessible these are: Chile, Colombia, Costa Rica, Dominican Republic, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, and Uruguay.

At this time, Binance has excluded Venezuela, probably due to the socio-economic and political crisis which the country is facing. Binance would miss out on the chance of getting maximum footfall of the cryptocurrency adopters from the hyperinflated nation which has its own cryptocurrency PETRO under the presidency of Nicolás Maduro.

On the launch of the new platform, Binance’s CEO CZ (ChangPang Zao) mentioned that the construction of fiat gateways is important to expand the crypto ecosystem because cryptocurrency industry is still in its early phase and most of the world’s money is still in fiat. To increase the adoption of cryptocurrency it is important to introduce crypto via fiat to more users. 

Pablo Orlando, Founder, and CEO of Settle Network expresses his excitement while saying that for the attainment of financial freedom, the partnership with Binance has allowed Settle Network to open the fiat gateways and cultivate the adoption of cryptocurrencies among Latin Americans. “Latin America has illustrated one of the largest needs and use cases for blockchain and cryptocurrency adoption,” Pablo noted. 

Source: Binance Blogpost

CZ while throwing light on the need of launching Latamex said that “Roughly 50 percent of the Latin American population is unbanked, and Latamex is a response to our users’ demands and the current market climate. Working with Settle Network allows us to instantly bridge the gap between fiat and crypto for Latin American traders. We are continuing to build with our key partner, Settle Network, to bring wider accessibility of cryptocurrency in Latin America and will support additional local fiat currencies in the region in the future.” 

Source: Binance Blogpost

Image by Alexandra_Koch from Pixabay

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