The world’s largest cryptocurrency exchange platform is expanding its services in Latin America. Binance announced on 12th December via press release shared with CryptoGlobe its plan to launch a new fiat gateway for Latin America. It is partnering with various digital assets settlement networks to launch a platform called Latamex.
— Binance (@binance) December 12, 2019
Latamex will allow direct fiat purchase of cryptocurrencies for Latin America on its website. Purchasers will be able to use Argentine Peso (ARS) and Brazilian Real (BRL) to buy some of the largest cryptocurrencies by market capitalization, including Bitcoin, Ethereum, Binance Coin, and stablecoins such as BUSD.
Binance in Latin America
Binance’s new platform announcement has come days after Bitcoin trading volumes in Argentina made a new record at the beginning of December. Political turmoil in the nation has resulted in higher inflation rates, which is turning more people to Bitcoin and cryptocurrencies. It is the case in other politically troubled countries in Latin America. Binance CEO Changpeng Zhao said:
“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 company will continue to build partners and settle networks to bring more extensive accessibility of cryptocurrencies in Latin America and also support additional fiat currencies in the future. In the future, Binance plans to launch Latamex in 13 other American countries, including Chile, Colombia, Costa Rica, Dominican Republic, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Salvador, and Uruguay.