Inswitch, leader in embedded financial technology and payment infrastructure, and Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, are launching on-/off-ramp services in a partnership that allows people to buy and sell cryptocurrencies in the context of LATAM and crypto adoption.
The company’s on-/off-ramp services are integrated with the most important payment methods, banks and local currencies over 10 countries in LATAM, making it possible for users to convert fiat currencies and digital assets with their Binance wallets, the biggest operation between the two partners.
An “on-ramp” service for fiat money to cryptocurrency allows the exchange of fiat currencies (government-issued currency) into cryptocurrencies (Bitcoin, Ethereum, etc.). Since fiat currencies are, by far, the most widely adopted form of currency globally, exchanging fiat is the most accessible method to get cryptocurrencies. By contrast, an “off-ramp” service for fiat money to cryptocurrency allows the exchange of cryptocurrencies to fiat money.
Ronald Alvarenga, CEO of Inswitch commented: “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”.
Lara Legros, Director Fiat LATAM of Binance added: “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.”
Inswitch secure, fast, and easy-to-use, on-/off-ramp payment rails avoid the restrictions and issues presented by the legacy financial system and allow users to easily cash out fiat money that do not take days to settle.
The interest in using cryptocurrencies for everyday transactions is growing day by day globally. Thus, it is important to have a solution that allows exchanging Fiat currencies into crypto and vice versa. This partnership between Inswitch and Binance, turns Inswitch embedded finance platform into a great choice to cover this need.