Binance users saved $1.75 billion in remittance costs through crypto transactions

From Investing.com

January 21, 2025 09:08:05 AM:

Binance users saved $1.75 billion in remittance fees through crypto transactions. From 2022 to 2024, $26 billion was transferred on the platform, showcasing cryptocurrency’s cost-effectiveness for international money transfers. Traditional methods can have high fees up to 15-20%, while Binance’s average crypto remittance amount in 2024 was $470.

Global remittance projections are at $913 billion this year. The World Bank reports a 6.65% average cost for fiat remittances, compared to Binance’s fee-free and instant crypto remittances. Half a million female users made over $4 billion in crypto remittances in 2024, highlighting cryptocurrency’s role in financial inclusion.

Binance aims to enhance global monetary freedom, providing financial tools and opportunities to underserved communities. While $26 billion in crypto remittances is a small fraction of the total, cryptocurrency adoption is expected to grow as more people recognize its benefits in addressing traditional finance inefficiencies.

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