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Binance launches Latin American fiat gateway; adds new fiat payment options

Thu, 12 Dec 2019, 15:03 pm UTC

Cryptocurrency exchange Binance has launched a fiat gateway for Latin America, allowing people in Brazil and Argentina to buy and sell cryptocurrencies with respective local fiat currencies.

The new platform has been launched in partnership with LatamEx, a leading digital assets Settlement network across Latin America, under the Binance Fiat Gateway.

According to a press release, the platform will initially be launched in Argentina and Brazil for direct purchases of cryptocurrencies, including BTC, BNB, ETH and stablecoins such as BUSD, with the Argentine Peso (ARS) and Brazilian Real (BRL) through the Binance Fiat Gateway channel.

Binance CEO Changpeng Zhao emphasized on the strong need for cryptocurrency in Latin America, particularly as around 50 percent of the population is unbanked.

Binance bridging gap between fiat and crypto

“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,” he added.

Binance has been partnering with a number of firms, including Simplex, Koinal, TrustToken, Paxos, Flutterwave, and more recently Advcash, in order to provide easy access and more options throughout regions for the purchase of cryptocurrency with fiat in a fast and secure manner.

“The crypto industry is still in its early stages and most of the world’s money is still in fiat,” said Zhao. “Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”

New fiat payment options

Binance has also partnered with peer-to-peer bitcoin exchange Paxful to add new fiat payment options, CoinDesk reported.

As per the report, Paxful’s Virtual Bitcoin Kiosk will exclusively serve as an additional fiat-to-crypto on-ramp for Binance users. Paxful currently supports 167 fiat currencies, but for Binance users it will initially provide access to Argentine peso, British pound, Canadian dollar, Colombian peso, euro, Indonesian rupiah, Mexican peso Nigerian naira, Russian ruble, and Vietnamese dong. More currencies are expected to be added in the future.

“Unlike other payment gateways, Paxful supports more than 300 payment methods including local currency bank transfers, gift cards, and online wallets. This gives an opportunity for the unbanked and underbanked to be part of a new ecosystem,” Artur Schaback, co-founder and COO of Paxful, told The Block.

The partnership will also provide Paxful users with direct access to Binance.

Zhao said that the partnership with Paxful is “significant” because “a new pool of users will have access to alternative fiat payment methods available on Paxful, including local currency bank transfers and some of the world’s most popular digital wallets.”

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