Binance Pay has teamed up with Credencial Payments to improve digital cryptocurrency payments in LATAM. CZ, the CEO of Binance, shared this news on Twitter
Binance Pay has partnered with Credencial Payments, a payment solution provider in Latin America (LATAM), to enhance the availability of digital currencies in the region. Binance CEO CZ shared the news on Twitter, emphasizing the strategic partnership’s goal of simplifying and enhancing cryptocurrency payments across LATAM.
Binance Pay in Latin America (LATAM)
Binance Pay, a well-known cryptocurrency payment platform worldwide, will integrate smoothly with Credencial Payments’ current infrastructure. This integration will enable merchants to effortlessly accept digital currencies as a form of payment.
By incorporating Binance Pay, businesses in LATAM will have the opportunity to utilize various cryptocurrencies, allowing their customers to make instant payments using their preferred digital assets. Credencial Payments will handle the required conversions into local fiat currencies, ensuring a seamless transaction process for everyone involved.
In 2022, several factors contributed to the growing acceptance of cryptocurrencies in Latin America, including inflation, cross-border payments, assets tokenization, and nonfungible tokens (NFTs). These factors accounted for 9.1% of the total global value received through cryptocurrencies in 2022. Brazil’s central bank plans to conduct tests on its Central Bank Digital Currency (CBDC) this year and aims to release it to more than 200 million people by 2024.
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Cryptocurrency Adoption in Latin America (LATAM)
Maximiliano Hinz, the Director of Binance for LATAM Cono Sur, expressed his excitement about the potential impact of the partnership on cryptocurrency adoption in the region. Hinz emphasized their objective of making cryptocurrency payments easier to use and seamlessly integrated into everyday life. He regarded the collaboration with Credencial Payments as a significant stride towards accomplishing this goal.
Ignacio Szperling, the Strategy Manager of Credencial Payments, highlighted the significance of the partnership by stating that it would introduce new payment methods and streamline transactions for merchants and consumers. He mentioned that the collaboration would bridge the gap between the crypto world and traditional payment systems, offering the best of both worlds to users.
As the partnership progresses, users can anticipate a smoother and more user-friendly experience when conducting digital cryptocurrency payments. The collaboration between Binance Pay and Credencial Payments is actively reducing the obstacles that have hindered the widespread acceptance of digital currencies in LATAM.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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