Binance Users Saved $1.75 Billion in Remittance Costs Since 2022

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💰 You Won’t Believe How Much Binance Users Saved on Remittance Fees! 💸

So, picture this: at the fancy-schmancy Davos, Binance’s big cheese, Richard Teng, strutted his stuff and announced that Binance users have saved a whopping $1.75 billion in remittance costs from 2022 to 2024! 🎉 And how did they do it? By sending a staggering $26 billion in instant user-to-user crypto remittances. Talk about a money-saving magic trick! 🪄

Now, hold onto your wallets! The global remittance market is expected to balloon to $913 billion this year. But wait, it’s not all rainbows and unicorns! The IMF warns that low-value remittances can cost a jaw-dropping 15-20%. Ouch! 😱

Last year, Binance users were sending an average of $470 in international crypto remittances. That’s right, folks! Binance is the go-to platform for low-value remittances, leaving traditional platforms in the dust. 🏃‍♂️💨

According to the World Bank, the average cost of international fiat remittances is 6.65%. So, by using Binance Pay for those fee-free, instant crypto transfers, users likely saved around $1.75 billion in fees. Richard Teng chimed in with some wisdom:

“The value of low-cost fund transfers can be easily overlooked by people from wealthier economies, but can be a vital lifeline for economically disadvantaged individuals in need of ways to make their earnings go further while supporting dependents thousands of miles away. Although $26 billion is still relatively small compared to global remittance volumes, we see this continuing to grow alongside crypto adoption as people begin to realize the ways the inefficiencies of traditional finance can be addressed by crypto.”

Binance Users Benefit Through Cost and Speed 🚀

But wait, there’s more! Binance users are not just saving bucks; they’re also speeding through transactions like they’re in a race car! 🏎️ Imed, a Binance user from Algeria, shared a heartwarming tale about how a crypto remittance helped fund life-saving emergency treatment for a family friend’s child in France. He said:

“Binance Pay helped me understand the distinction between using crypto and local fiat currencies. While costs are nearly nonexistent when using cryptocurrencies, they can be significant with fiat. I am not just talking about monetary cost. I am talking about costs that cannot be quantified, such as someone’s health and someone’s life.”

And here’s a fun fact: last year, over half a million female users accounted for more than $4 billion in domestic and international crypto remittances. Talk about girl power! 💪 This shows how cryptocurrency is becoming a superhero for financial inclusion and empowerment worldwide. 🌍

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2025-01-21 20:33