The recent strategic partnership between Binance Pay and LATAM-based Credencial Payments marks a significant move towards increased accessibility of digital currencies in Latin America. This alliance aims to simplify and improve cryptocurrency payments across the region, which have been fueled by various factors, including inflation, cross-border payments, assets tokenization, and nonfungible tokens (NFTs).
Binance Pay, a leading global cryptocurrency payment platform, plans to integrate with Credencial Payments’ existing infrastructure seamlessly. This integration will enable merchants to accept digital currencies effortlessly, connecting businesses in LATAM with a wide range of supported cryptocurrencies. As a result, customers can make real-time payments using their preferred digital assets. Credencial Payments will handle conversions into local fiat currencies, ensuring smooth transaction experiences for all involved parties.
The significant drivers for crypto adoption in Latin America in 2022 accounted for 9.1% of received global crypto value. Brazil’s central bank will also test its CBDC this year and aims to release it to over 200 million people by 2024.
Maximiliano Hinz, Director of Binance for LATAM Cono Sur, expressed excitement about the partnership’s potential impact on cryptocurrency adoption within the region, emphasizing their aim to make cryptocurrency payments more accessible and integrated into everyday life. This collaboration with Credencial Payments is viewed as a major step towards achieving this goal.
Ignacio Szperling, Strategy Manager of Credencial Payments, also emphasized the value of the partnership. He believes that this agreement with Binance will promote new payment methods and simplify transactions for both merchants and consumers, effectively bridging the gap between the traditional and crypto worlds.
As the collaboration between Binance Pay and Credencial Payments continues, users can anticipate a more seamless and user-friendly experience with digital cryptocurrency payments. This alliance aims to overcome obstacles to the widespread adoption of digital currencies in LATAM, strengthening the integration of cryptocurrencies into the region’s financial landscape.
However, it is essential to consider the potential risks of investing in cryptocurrencies and conduct thorough market research before committing funds. While this partnership presents promising opportunities for the LATAM region, the personal opinions of the author and market conditions should be carefully considered, as the author and publication do not hold any responsibility for any personal financial losses incurred.