According to Binance, cryptocurrencies are cheaper than traditional methods
Financial transactions with cryptocurrencies are significantly cheaper and faster than traditional methods, Binance says
A report from Binance Research, sent to Cointelegraph in Spanish, revealed that financial transactions with cryptocurrencies are significantly cheaper and faster than traditional methods, which could transform the payments industry.
Binance, a blockchain and cryptocurrency infrastructure provider, published a report titled âBlockchain Payments: A New Beginning,â which shed light on the increasing efficiency and economy of financial transactions using cryptocurrencies.
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According to the report, while
traditional methods of sending money can involve up to six intermediaries, blockchain transactions usually require only one or two, which significantly reduces costs.
The World Bank estimated that sending $200 using traditional methods costs on average $12.70, which is 50,800 times more expensive than using blockchain to transfer any amount of stablecoins. As an example, Binance reported, on blockchains like Solana, the cost of transferring $200 can be as low as $0.00025.
The report also highlighted that the adoption of cryptocurrency payments, such as those offered by Binance Pay, has grown substantially. In the first half of 2024, Binance Pay saw a 43% increase in active users and a 9% growth in transaction volume compared to the previous half.
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Latin America on the global cryptocurrency map
Guilherme Nazar, Binance's regional vice president for Latin America, highlighted that the region is a thriving market for cryptocurrencies:
Latin America has the highest preference
