Binance Exchange Launches Its Latin American Fiat Gateway

One of the leading global cryptocurrency exchanges by trading volume and users has recently announced the launch of its fiat gateway for Latin America. As we can see from the update, Binance exchange launches a new gateway and officially made the announcement during laBitConf, a major cryptocurrency event for Latin America which was held in Montevideo, Uruguay.

The new platform which Binance exchange launches is named Latamex and will operate under the Binance Fiat Gateway. It will allow Binance and its Latin American users to purchase cryptocurrency directly in association with Settle Network, which is a Latin American digital asset liquidation network.

The cryptocurrency news also show that the new platform will be initially rolled out in Argentina and Brazil and will allow direct purchase of cryptocurrencies using Argentine pesos and Brazilian reals. In that manner, users will be able to buy Bitcoin (BTC), Binance Coin (BNB), Ether (ETH) and the stablecoin issued by the exchange, Binance USD (BUSD). As Binance exchange launches its new fiat gateway, the 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.”

Analysts are now commenting that Latin America is a place where there are many potential use cases for blockchain and cryptocurrency adoption. One of them was Pablo Orlando, the founder and CEO of Settle Network who was in the Binance news for stating:

“Partnering with Binance has allowed us to further open fiat gateways for Latin American users together and bring larger adoption forward to provide financial freedom in the region.”

CZ added that the crypto industry “is still in its early stages” and that “most of the world’s money is still in fiat.” This, according to him, is why Binance exchange launches fiat gateways with a vision to “grow the ecosystem, increase adoption and introduce crypto to more users.”