Investing.com — Binance, the global cryptocurrency exchange, has announced that its users have saved approximately $1.75 billion in remittance fees by using its platform for user-to-user crypto remittances.
From 2022 to 2024, Binance facilitated $26 billion in these transactions, highlighting the cost-effectiveness of cryptocurrency for international money transfers.
Remittances play a significant role in the global economy, with projections suggesting a growth to $913 billion this year. Traditional remittance methods often come with high fees, sometimes reaching 15-20%, according to the International Monetary Fund.
In contrast, Binance’s data indicates that the average crypto remittance amount on their platform was $470 in 2024, with users potentially saving even more on fees compared to conventional financial channels.
The World Bank’s data shows that…
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