Latin America is poised for a new launch of on/off ramp services provided by a partnership between embedded fintech and payments infrastructure Inswitch with the world’s largest cryptocurrency exchange company, Binance.
The new on/off ramp services will allow people to buy and sell cryptocurrencies in Latin America as the region increasingly embraces the new asset class. Users can exchange fiat currencies and digital assets using their Binance wallets.
The solution is integrated with LATAM with the most popular payment methods, banks and local currencies in ten countries, courtesy of Inswitch.
On/off ramp payment rails avoid the limitations and hassles of the legacy financial system, allowing users to easily withdraw fiat money that doesn’t take days to clear.
Binance aims to reach a higher number of users in LATAM
Inswitch Chief Executive Officer Ronald Alvarenga said: “We are working to make the whole experience of buying and selling crypto more attractive and effortless to bring more users into the crypto market in LATAM with on/off ramp services for both to bring new and existing users of cryptocurrencies. With a simple and easy-to-use user experience and easily integrated APIs, businesses can expand their capabilities and functionality and become the trusted wallets of choice for the next billion cryptocurrency users.”
Lara Legros, Binance Director Fiat LATAM said: “We are very excited about this partnership with Inswitch, at Binance our focus is always on our customers, we strive to offer them the smoothest, most secure and streamlined payment experience. We understand the specifics of each country in the region and this partnership will allow us to reach a higher number of users in Latam while maintaining our core mission of financial inclusion.”
A fiat-to-cryptocurrency “on-ramp” service allows for the exchange of fiat currency (government-issued currency) into cryptocurrencies (Bitcoin, Ethereum, etc.). With fiat currencies being by far the most widely used form of currency around the world, exchanging fiat is the most accessible method of obtaining cryptocurrencies. In contrast, a fiat-to-cryptocurrency “off-ramp” service allows cryptocurrency to be exchanged for fiat money.
Binance secures crypto license from CySEC
Last week, Binance announced that it has received a license from CySEC to operate as a crypto asset service provider through its local entity, Binance Cyprus Limited. Class 3 registration enables the world’s largest crypto ecosystem to offer spot, custodian, staking and card services.
The Cypriot licensing commits the company to comply with strict financial standards under MiFID II, including segregation and protection of client funds, full transparency of its operations and capital adequacy controls.
Operating under the CySEC umbrella allows Binance to leverage its new regulatory profile to expand its services into European markets. The launch of a service under the CySEC license will also provide users with a regulated platform to work with investments based on digital assets.
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