The Latin platform is named as Latamex, and this is going to operate in accordance with the Binance Fiat Getaway. This platform will let the Latin American investors to easily buy cryptocurrency in direct association with the Settle Network, this is a network of digital asset liquidation.
At first, the Latamex platform will be released in Argentina & Brazil for investing in cryptocurrencies by using the Argentine Peros and Brazilian Reals respectively. The platform will allow its users to buy Ethereum, Bitcoin, and Binance’s stablecoin as per Changpeng Zhao, CEO of Binance.
"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.”
“Latin America has illustrated one of the largest needs and use cases for blockchain and cryptocurrency adoption,” said Pablo Orlando, founder and CEO of Settle Network, “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.”
“The crypto industry is still in its early stages and most of the world’s money is still in fiat,” said CZ, “Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
While, currently the crypto investors of Brazil and Argentina will be able to make use of this new Binance platform, however, later on, the company is propped to be available in over 13 more Latin American countries, ranging from Mexico, Colombia, Uruguay, Chile to Peru. But, Venezuela is an absentee in this lost, it is yet to be decided whether Binance Will come to a country with the highest cryptocurrency adoption rates or not.