Latamex and Paxful will serve as the payment channels for platform users. The Binance Fiat Gateway service is especially aimed at users in Brazil and Argentina.
The global cryptocurrency exchange Binance announced last Thursday, December 12th, the launch of its new platform, called Latamex, through which it will offer the service of buying and selling cryptocurrencies using local fiat money in the Latin American market. In the first place, the service will be available for users of the Brazilian real (BRL) and the Argentine peso (ARS). Meanwhile, in Colombia and Mexico, local currencies can be used to acquire Bitcoin through the Paxful kiosk.
Binance posted a statement on its official blog revealing its plans with the Latamex platform, which is part of the Binance Fiat Gateway service and is joining its other fiduciary gateway partners: Simplex, Koinal, TrustToken, Paxos and Paxful, in addition to being the result of an association of the exchange house with the network of digital assets of Settle Network.
The exchange announced in the statement that users can now have access to the new Binance service by directly entering the platform, in order to buy or sell Bitcoin (BTC), Binance Coin (BNB), and Ether (ETH). It should be noted that the Binance dollar-anchored cryptocurrency or stablecoin BUSD, which was approved by the New York Department of Financial Services, is also included among the cryptocurrencies traded.
The CEO of Binance Changpeng Zhao said that there is a great need for cryptocurrencies in Latin America, especially for financial access. The executive observed that about 50% of Latin Americans do not have banking services, and Latamex is a response to the demands of their users and the current market climate. He also stated that working with Settle Network allows them to instantly close the gap between fiat and crypto for Latin American traders.
More Open Doors in Latin America
Binance and the P2P Bitcoin exchange platform Paxful officially announced their partnership, whose purpose is to add new ways to trade cryptocurrencies. Therefore, the Paxful virtual kiosk will serve Binance as an additional “fiat access ramp” to cryptocurrencies for its users in Latin America and countries on other continents.
The partnership between Paxful and Binance promises to simplify fiat payments, which provides an excellent opportunity to traders in more than 167 currencies. First of all, the users of the platform will have access to the Colombian peso (COP), the Argentine peso (ARS), the Mexican peso (MXN) and the Russian ruble (RUB), in addition to the Vietnamese dong (VND), the Indonesian rupee (IDR), the Nigerian naira (NGN), also including the British pound (GBP), the Canadian dollar (CAD) and the euro (EUR).
It should be added that this new Binance platform offers traders from Latin American countries another option to buy cryptocurrencies as a method to safeguard value. Besides, given that they have access to a diversity of fiat and crypto assets, they will be able to buy and sell them according to their particular needs.
By Willmen Blanco