Binance to Launch New Fiat-to-Digital Asset Scheme in Latin America

MONTEVIDEO, Uruguay – Binance announces the launch of a new fiat-to-cryptocurrency entry in Latin America to allow users in Argentina and Brazil for direct trading.

Binance, a Malta-based cryptocurrency company, announced the unveiling of new fiat-to-digital asset access called “Latamex” in Latin America. This cryptocurrency functions under the management of the larger Binance Fiat Gateway.

Latamex will let users from Argentina, as well as in Brazil, for direct trades of digital assets. Also, users can purchase via Brazilian Real (BRL) and Argentinian Peso (ARS). The opening was launched in partnership with Settle Network. This company was described by Binance as Latin America’s biggest cryptocurrency settlement network.

Latamex’s announcement about the fiat entry was shared during LaBitConf. This cryptocurrency event in Latin America was posted on the blog of Binance previously this week. Also, it was announced in Montevideo, Uruguay.

Binance’s interest includes the development of this scheme in Latin America. Hence, opening the cryptocurrency-to-fiat entry was the company’s indicator.

According to Changpeng Zhao (CZ), the CEO of Binance, there’s a strong necessity for digital assets in Latin America, especially for funding access. The CEO shared in the blog post about Latamex’s announcement. Furthermore, Zhao added that 50% of the population of Latin America is unbanked, and Latamex is the key to their users’ present market climate and demands.

Binance mentioned that being partners with Settle Network lets them bridge the breach between cryptocurrency and fiat for traders in Latin America. The company also stated that they are enduring to establish with their partner a broader accessibility of digital assets in the region. Moreover, this company stated that they will aid further local fiat exchanges in the future.

On the other hand, Binance doesn’t only have insights into the Latin America region.

It was reported on December 12, in Finance Magnates that Binance was declaring a tactical partnership with Paxful, a Bitcoin marketplace. The Virtual Bitcoin Kiosk of Paxful was united into the trade, letting Binance clients use the p2p network of Paxful. These users utilize this network to purchase Bitcoin with 167 different fiat money on Binance.

In the previous month, Binance stated a partnership with Papara, a payment service provider. Their partnership aims to provide withdrawals and deposits of the Turkish lira (TRY), along with Advcash for Euros (EUR), Ukranian hryvnia (UAH), Russian Rubles (RBU), and Kazakhstani Tenge (KZT). Beforehand, Binance declared that the company would join in the fiat entry of Paxos, a stablecoin issuer.

Zhao mentioned in the Latamex blog post as well that the cryptocurrency industry is still in its premature states. Also, the CEO stated that the most money in the world is in fiat. As per Zhao, establishing fiat entries is what the world needs today to develop the ecosystem, present cryptocurrency to more users, and upsurge adoption.