Users can convert fiat currencies and digital assets using their Binance wallets thanks to the company’s on-/off-ramp services, which are connected with the most popular payment methods, banks, and local currencies across 10 countries in LATAM. This is the biggest operation between the two partners, according to Inswitch.
Fiat currencies (government-issued currency) can be converted into cryptocurrencies using an “on-ramp” service such as Bitcoin, Ethereum, etc. Exchanging fiat is the most convenient way to acquire cryptocurrencies because fiat is by far the most extensively used form of money worldwide. In contrast, a service that acts as an “off-ramp” from fiat money to cryptocurrencies enables the conversion of cryptocurrencies into fiat currency.
”We are working to make the whole experience of buying and selling crypto more appealing and effortless, to bring more users in LATAM to the crypto market with on-/off-ramp services for both new and existing cryptocurrency users. 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,” Inswitch CEO Ronald Alvarenga said.
Binance Fiat LATAM Director Lara Legros commented: “We are very excited for this partnership with Inswitch, at Binance our focus is always our customers, we are committed to provide them with the most seamless, secure and optimized payment experience. We understand the peculiarities of every country in the region, and this partnership will allow us to reach a higher number of users in Latam whilst maintaining our core mission Financial Inclusion.”
According to Inswitch, the on-/off-ramp payment rails Inswitch provides are quick, secure, and simple to use. They get beyond the limitations and problems caused by the old financial system and let users withdraw fiat money quickly and effortlessly.
Globally, there is increasing interest in adopting cryptocurrency for regular transactions. It is crucial to have a system that enables the conversion of fiat money into cryptocurrency and vice versa. Due to their relationship, Inswitch and Binance’s embedded finance platform is now a fantastic option for meeting this demand.