Binance Taps Inswitch for Fiat/Crypto On-and-Off Ramp Services in LatAm

The leading cryptocurrency exchange, Binance, has partnered with Inswitch, a US-based global embedded financial technology company, to offer fiat and crypto on-and-off-ramp services to Latin Americans.

The service will enable them to buy and sell cryptocurrencies in the region, Inswitch announced on Wednesday.

Inswitch noted that its on-and-off-ramp services are integrated into various payment methods, including banks and the local currencies of over 10 countries in Latin America.

Therefore, the partnership with Binance makes it possible for users in the region to convert their fiat currencies into crypto and vice versa using Binance’s wallets, the company said.

Ronald Alvarenga, the CEO of Inswitch, noted the company’s goal is to make the process of buying and selling cryptocurrencies “more appealing and effortless" for users in the region.

Alvarenga added that the firm is seeking to bring more users in the region into the crypto market.

“With a simple and friendly user experience and easily integrated APIs, companies can expand their capabilities and features and become the trusted wallets of choice for the next billion cryptocurrency users,” Alvarenga explained.

Also speaking, Lara Legros, Binance’s Director of Fiat for LatAm, noted that the digital asset company’s collaboration with Inswitch will enable it to attract a higher number of users in the region while also driving financial inclusion.

Investments into Latin America

In terms of crypto adoption, Latin America is one of the fastest-growing regions in the world. The region's e-commerce market is worth about $85 billion, according to estimates. Hence, fintech businesses are establishing their presence in the region.

A number of businesses have made investments in the region in recent months. Forex and contract for difference (CFD) broker, Hantec Markets, on Wednesday announced its entry into Latin America by opening a new office in Chile.

The country office, which is to serve as the broker's hub in Latin America, is part of its plans to strengthen Hantec Markets' position as a global brand, the broker explained.

In May, Huobi Global, a crypto exchange with a strong presence in Asia, acquired Bitex, one of the oldest crypto exchanges in Latin America. Bitex has a strong presence in Argentina, Chile, Paraguay and Uruguay.

In the same month, PayRetailers, a fintech payments specialist grounded in the Latin American markets, acquired two online payment platforms, Chile’s Paygol and Colombia’s Pago Digital.

The payments specialist said the move is to strengthen its card processing capabilities in the region.