Traditional banks are gradually declining, and Musk and Zhao Changpeng have emerged as new forces, carefully planning a financial revolution. Binance, led by Zhao Changpeng, announced that it would launch a financial product, Send Cash, in Latin America to provide cross-border cryptocurrency transfer services between countries, which means that Binance will directly play the role of a bank. American media reporters reported that Musk is in contact with senior Wall Street management and plans to launch a new version of PayPal payment system after renaming Twitter to X platform, which will open a new chapter in the financial world.
Binance launches a revolutionary product: Send Cash
Binance announced that the exchange is launching a new product called Send Cash in Latin America, which will allow users to make cross-border cryptocurrency transfers in nine countries in the region through Binance Pay and allow users to transfer received funds directly to their bank accounts. Supported countries include Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama and Mexico.
In the first phase, users in these countries can transfer crypto funds to bank accounts in Colombia and Argentina through Binance Pay at the lowest cost in the market. In addition, Binance cited the World Bank's 2021 Fintech Report, stating that 42% of adults in Latin America and the Caribbean still do not have bank accounts, which accounts for 24% of the total adult population on a global scale.
In response, Binance said it will continue to develop products that meet local needs and systematically bridge regional gaps through encryption solutions. The launch of Send Cash, a financial product, will set off a new wave once it is expanded to other countries or regions in the world, severely hitting the market share of traditional financial services.
After the United States sued Binance, Zhao Changpeng is accelerating his flight abroad, and Japan has become an important stop for him to gain a foothold. Binance Japan was officially launched in early August, and today held an online business briefing. The company's representative, Tsuyoshi Chino, spoke on "Japanese market strategy and the prospects and challenges of stablecoin business opportunities". In addition to mentioning the functions that may be launched in the future, he also talked about plans to cooperate with Japanese companies.
According to Japanese media CoinPost, Binance Japan currently provides mainly cryptocurrency spot trading and crypto lending product Simple Earn. Although it does not currently offer margin trading, once it obtains a first-level financial instrument business operator license, it will provide futures trading functions at the same level as the international version of Binance.
Binance Japan currently has 34 cryptocurrency trading pairs, the most in Japan. Chino Tsuyoshi said that he has obtained the consent of Binance headquarters to formulate a policy for selecting token trading pairs to be listed in Japan, and the primary goal is to list 100 trading pairs. In addition, he said that he will promote cooperation between the Binance ecosystem and the Japanese government and private enterprises, and plans to promote integration with the existing financial system with "stablecoins" as the core.
In addition, with the revision of the Payment Services Act in June this year, the business opportunities of yen stablecoins have been released, and Chino Tsuyoshi has also paid special attention to this field. Although stablecoins are only allowed to be issued by "banks, fund transfer service providers and trust institutions" under Japanese regulations, Binance Japan is considering joint development with other companies.
Musk's financial army rises: X payment approved by 8 states in the United States, new version of PayPal will debut
Earlier this week, Forbes revealed that Musk was in talks with Wall Street executives and was planning to launch a new version of PayPal, sparking discussion. Charles Gasparino, a reporter for Fox Business, revealed: "Musk's new version of PayPal will offer lower transaction costs and monetize user information."
Musk officially changed Twitter's name to X in July, saying goodbye to the classic blue bird logo, reshaping the brand image and preparing to introduce a new financial payment system. According to the US Licensing System (NLMS), X can now provide payment services in seven states, including Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire and Rhode Island.
It is worth noting that X has obtained a money transmission license from Rhode Island regulators, which is widely seen as a step towards becoming a social network. Musk is determined to make it a super social network (Super APP) of "China's WeChat". The application is capable of hosting, transferring and exchanging Bitcoin and other cryptocurrencies.
Caroline Bowler, CEO of Australian exchange BTC Markets, said: "The news that Musk's X has received a license to facilitate cryptocurrency payments in the United States amplifies the ongoing transformation of the cryptocurrency landscape. Endorsement from well-known figures such as Musk brings credibility to the industry and has an impact on international markets."
“Does this mean X will soon allow people to send and receive crypto through the platform?” asked well-known influencer Ed Krassenstein via Twitter.
Musk has been working to find new revenue streams for X, and as recently as July, Musk denied media reports that X might add a built-in trading platform within the app.
Musk also briefly added the Dogecoin Ð symbol to his Twitter account in a series of interactions with Dogecoin fan accounts, with Bitcoin and cryptocurrency market observers predicting that Musk's Plan X could be an "absolute game changer."
In summary, from the birth of Bitcoin to the rise of crypto exchanges, Zhao Changpeng and Musk are planning the next great revolution, which is to "replace traditional banks". This has far-reaching significance. Musk made a vow when he founded PayPal many years ago, but ultimately failed to achieve his goal. Now that they have once again gained an opportunity through the Twitter X platform, Musk and Zhao Changpeng, the two "brothers in distress", have brought a new blueprint to the financial world.
Binance and X are likely to be the "innovative banks" that lead the next generation.
