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Inswitch partners Binance for fiat on-off ramp in Latin America

Friday 28 October 2022 15:37 CET | News

US-based fintech Inswitch has partnered Binance to launch on-off ramp services in the context of rising cryptocurrency adoption in Latin America.

 

On-ramp services for fiat money to cryptocurrency allow the exchange of fiat currencies into cryptocurrencies such as Bitcoin and Ethereum. The on-off ramp services provided by Binance and Inswitch will integrate with important payment methods, banks and local currencies in over 10 countries in LATAM. This will allow users to convert fiat currencies and digital assets with their Binance wallets. 

Inswitch officials have stated in the company press release that they are aiming to improve the experience of buying and selling crypto by making it more appealing and effortless. In order to bring more users in LATAM to the crypto market, companies can leverage a friendly user experience and easily integrated APIs in order to earn trust and expand their capabilities and features for future  cryptocurrency users. 

Binance representatives expressed their commitment to providing their clients with seamless, secure and optimized payment experiences. The partnership with Inswitch will allow them to reach a higher number of users in LATAM while maintaining their focus on financial inclusion.

 

US-based fintech Inswitch has partnered Binance to launch on-off ramp services in the context of rising cryptocurrency adoption in Latin America.

 

Crypto adoption in LATAM 

As part of The Paypers Voice of the Industry segment, Luis Cadavid, the founder of 1931.io referred to LATAM as an exciting place for crypto, as most of the countries in the region are trying to pass regulations for the local crypto market. 

While nations like Venezuela and Colombia have robust user communities, countries such as Ecuador have grey legal zones where crypto is not a legal tender. Luis highlighted three reasons why LATAM is the right place to invest in crypto projects, namely increased demand caused by volatile local currencies, a large unbanked population that is price sensitive to traditional transaction fees, and accessible and specialised labour markets that create lean companies.

Inswitch partnered Mastercard for embedded payments 

In September 2022, Inswitch has partnered with Mastercard International to design and deliver digital payment solutions and issuing programmes. Following the partnership, Inswitch started to issue cards as a Mastercard member in Mexico, with plans to expand to other markets in LAC and other regions in the future. 

The collaboration has allowed the company to extend its value proposition by offering digital and physical Mastercard branded cards for a broad range of applications across industries. In order to benefit from the new features, Inswitch’s clients can issue branded cards to support different use cases such as digital wallets, supplier payments, Buy Now, Pay Later, working capital for corporate expenses, or cash management necessities.


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Keywords: cryptocurrency, partnership, digital assets, crypto asset
Categories: DeFi & Crypto & Web3
Companies: Binance, Inswitch
Countries: Latin America
This article is part of category

DeFi & Crypto & Web3

Binance

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Inswitch

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