Binance unveils a product allowing users to send Shiba Inu to Argentinian and Colombian bank accounts.
The largest crypto exchange, Binance, recently unveiled a crypto-focused solution allowing Shiba Inu investors to spend Shiba Inu in nine countries. In particular, Binance has proclaimed a new product dubbed “Send Cash.”
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
Paying with Shiba Inu from Latin America
According to the official statement, Send Cash will enable crypto enthusiasts to transfer digital assets like Shiba Inu through the Binance Pay platform from nine countries in Latin America.
Binance disclosed that the objective behind the initiative is to enable individuals to seamlessly send digital funds directly to the bank accounts of their friends and family. The report highlighted the nine Latin American countries for which this Send Cash service is applicable.
They are Binance customers in Honduras, Argentina, Guatemala, Colombia, Costa Rica, Paraguay, Mexico, Panama, and the Dominican Republic.
Meanwhile, the report noted that at this initial stage, users in the above-highlighted nine countries can credit the bank accounts of recipients in Argentina and Colombia through the Binance Pay service. The exchange also stated that the process will attract the lowest transaction fees.
Notably, Send Cash will facilitate Shiba Inu payments to Argentinian and Colombian bank accounts with Binance Pay alongside government-approved transfer services providers. Binance believes the initiative will streamline cross-border transactions, saving time, effort, and money.
Binance VP Reacts
Moreover, Min Lin, the Regional Vice President for Latin America at Binance, emphasized the significance of the development. He remarked:
“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.”
Furthermore, Binance elaborated on the role of financial inclusion in addressing poverty and fostering economic growth. It cited data from the World Bank to stress that nearly half the adult population in the Caribbean and Latin America are financially excluded due to no access to traditional bank accounts.
Binance noted the place of crypto solutions in bridging the financial divide, with Send Cash being an example. Notably, Binance Pay supports other prominent cryptocurrencies such as Bitcoin, Ethereum, XRP, Cardano (ADA), and stablecoins USDT and USDC.