Binance cryptocurrency Exchange Finally Launches Latin American Fiat Gateway
Binance, one of the world most popular cryptocurrency exchange by virtue of trading volume and users, today announced the official launch of its fiat gateway for Latin America. The announcement was made during laBitConf, a major crypto event for Latin America held in Montevideo, Uruguay.
The new created platform, called Latamex, will run under the Binance Fiat Gateway and will permit Binance’s Latin American users to buy cryptocurrency directly in association with Settle Network, a Latin American digital asset liquidation network.
The new platform will firstly be launched in Argentina and Brazil, permitting the direct purchase of cryptocurrencies using Argentine pesos and Brazilian reals. Users will be able to buy Bitcoin (BTC), Binance Coin (BNB), Ether (ETH) and Binance’s stablecoin Binance USD (BUSD).
Binance CEO Changpeng Zhao on this, stated unequivocally that;
“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.” (statement quoted!!!)
Whereas only Argentine and Brazilian users can utilize the platform in the initial launch phase, Latamex’s official website shows that the service will also be available to 13 more Latin American countries: Mexico, Uruguay, Colombia, Panama, Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua, El Salvador, Paraguay, Peru and Chile. Venezuela is however unbelievably absent in the list.
Briefly about Binance:
Binance is a world recognized cryptocurrency exchange providing a platform for trading several cryptocurrencies, founded in 2017 by
Changpeng Zhao( Chinese-Canadian business man),with headquarters in Malta.