There is seemingly no stopping to Binance’s expansion around the world. The exchange and its partners will facilitate the purchase of cryptocurrencies in Latin America.
Binance made the announcement at the laBitConf held in Uruguay. It said the Binance Fiat Gateway will oversee the operations of the Latamex exchange. The latter will allow Latin American customers to purchase cryptocurrency directly. Settle Network, a Latin American digital asset liquidation network, will facilitate this.
At the outset, the platform will available to customers in Argentina and Brazil. Thus, the users will be able to purchase crypto with the Argentian peso and the Brazilian real. However, not all coins will be purchasable. Only Bitcoin, Binance Coin, Ethereum, and Binance USD.
Commenting on the launch, Chanpeng Zhao, CEO of Binance, noted that in Latin America, cryptocurrencies are strongly necessary. He added that this is due to the fact that about 50% of the population is unbanked.
“And Latamex is a response to our users’ demands and the current market climate,” he said. “Working with Settle Network allows us to instantly bridge the gap between fiat and crypto for Latin American traders.”
He also clarified that soon other regional currencies will be available.
Pablo Orlando, founder and CEO of Settle Network, also expressed his view. Like Zhao, he noted that Latin America is the perfect place for cryptocurrency and blockchain use cases. And emphasized that the new partnership “allowed us to further open fiat gateways for Latin American users together and bring larger adoption forward to provide financial freedom in the region.”
For now, fiat gateway is a must
Zhao also commented on the condition of the crypto industry. He noted that it is in its early stages and precisely for this reason fiat gateways are necessary.
“Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users,” he admitted.
Eventually, the Latamex exchange will be available Mexico, Uruguay, Colombia, Panama, Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua, El Salvador, Paraguay, Peru, and Chile. An observant reader would notice that Venezuela, known for its El Pedro currency, is not on the list.
Previously, Altcoin Buzz reported that Binance US is looking to add a fistful of coins. And how Argentinians are buying Bitcoin amidst inflation.