The world’s leading crypto exchange, Binance, recently released exciting news about their fiat gateway launch for users in Latin America during the laBitConf crypto event in Montevideo, Uruguay.
The world’s leading crypto exchange, Binance, recently released exciting news about their fiat gateway launch for users in Latin America during the laBitConf crypto event in Montevideo, Uruguay.
There is a strong need for cryptocurrencies in Latin America, especially for financial access. Roughly 50 percent of the Latin American population is unbanked, and Latamex is a response to our users’ demands and the current market climate. (Changpeng Zhao)
Aptly named Latamex, this new platform will allow users to access the Binance Fiat Gateway so that they can purchase some of their own cryptocurrency through the digital asset liquidation network, Settle Network, a South America-based company.
With initial support being provided in Brazil and Argentina, users can purchase crypto directly using Brazilian Reals or Argentine pesos, giving them the ability to sidestep the traditional process that would require a bank account in order to conduct an exchange. Once launched, those in the supported areas would be able to Ether, Bitcoin, Binance Coin, and Binance’s own stablecoin, Binance USD.
The CEO of Binance, Changpeng Zhao, made a statement regarding this new launch and what it will accomplish, saying:
"There is a strong need for cryptocurrencies in Latin America, especially for financial access. 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. The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
To build upon Zhao’s statement, Settle Network’s CEO, Pablo Orlando, said:
“Latin America has illustrated one of the largest needs and use cases for blockchain and cryptocurrency adoption. Partnering with Binance has allowed us to further open fiat gateways for Latin American users together and bring larger adoption forward to provide financial freedom in the region.”
After launch, Binance intends to spread the service to an additional 13 countries, which will include Peru, El Salvador, Mexico, Guatemala, Panama, Uruguay, Chile, the Dominican Republic, Honduras, Columbia, Costa Rica, Nicaragua, and Paraguay.
We are still awaiting developments regarding whether or not they will choose to launch their service in the most profitable area, Venezuela.
