Binance Users Save $1.75 Billion in Remittance Costs Through Crypto Transfers Since 2022

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TheNewsCrypto 1d ago

Binance Users Save $1.75 Billion in Remittance Costs Through Crypto Transfers Since 2022 - TheNewsCrypto

Quick Summary:

Richard Teng, the CEO of Binance, said today at Davos that Binance users had saved as much as $1.75 billion in remittance costs via immediate user-to-user cryptocurrency remittances totaling $26 billion between the years 2022 and 2024.

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 realise the ways the inefficiencies of traditional finance can be addressed by crypto.

This indicates that users of Binance may have saved even more money than they would have on fees that were levied by conventional financial channels.