Main Takeaways
At this year’s World Economic Forum in Davos, Richard Teng, CEO of Binance, shared an eye-opening perspective on how cryptocurrency is reshaping global remittances. With Binance users saving a staggering $1.75 billion in fees since 2022, Teng’s talk shed light on the economic and social ripple effects of crypto adoption.
Redefining Remittance Economics
Global remittances, a vital source of income for countless families, are set to reach $913 billion in 2025. Yet, traditional remittance channels remain notoriously expensive, with fees climbing as high as 15-20%, according to the International Monetary Fund. Binance, through its fee-free and instant crypto remittance service Binance Pay, is turning this model on its head.
Between 2022 and 2024, Binance facilitated $26 billion in user-to-user crypto transfers, effectively eliminating the burden of transaction fees. With the average remittance amount sitting at $470 in 2024, users collectively sidestepped $1.75 billion in fees – a massive leap forward in democratizing financial access.
Expanding Access and Empowerment
Teng’s presentation delved into cryptocurrency’s capacity to empower underrepresented communities. Notably, over half a million female Binance users contributed more than $4 billion in domestic and international remittances in 2024. These figures paint a compelling picture of how crypto can break down barriers to financial inclusion.
Teng at Davos. Source: CNBC
“From the very beginning, Binance has sought to increase financial freedom on a global scale. We believe cryptocurrency holds the potential to improve lives by providing financial tools and opportunities that were previously out of reach for many,” Teng remarked.
Global Stories That Resonate
The impact of Binance Pay extends beyond statistics. Across the globe, personal stories from users attest to the transformative power of Web 3 in improving financial inclusion and accessibility, especially in developing regions. Imed, an Algerian Binance user, recounted how a crypto remittance enabled urgent medical care for a family friend’s child in France. “This isn’t just about saving money,” he explained. “It’s about saving lives and providing help when it’s needed most.”
Similarly, Diogo Mury from Brazil used Binance Pay to distribute relief funds after the devastating Rio Grande do Sul floods. Thanks to crypto’s transfer speed, families received essential supplies like food, water, and medicine without the delays that plague traditional financial systems.
Binance’s Ongoing Mission
While $26 billion in crypto remittances is a small fraction of the global remittance market, Teng expressed confidence in its growth. As more people recognize the inefficiencies of traditional banking systems, crypto adoption is poised to accelerate.
“For individuals in wealthier nations, low-cost transfers might feel insignificant. But for those in developing economies, these savings can be life-changing,” Teng explained. “Crypto offers a pathway to stretch earnings further and support loved ones across borders.”
Binance’s presence at Davos reinforced its broader mission of fostering financial accessibility through blockchain technology. With its robust security measures and extensive range of services, Binance is building an ecosystem designed to empower users globally.
Binance Pay – a cornerstone of this vision – allows seamless transactions in over 300 cryptocurrencies. Its borderless design connects users and merchants worldwide, embodying Binance’s commitment to removing barriers in the global economy.
Binance Pay is a contactless, borderless, and secure cryptocurrency payment technology designed by Binance. It allows users to pay, send, and receive payments in over 300 cryptocurrencies from friends and family worldwide. Binance Pay has partnered with thousands of merchants all over the world to enable users to shop with over 80 crypto tokens globally. Popular tokens supported include USDT, USDC, BTC, BNB, ETH, SOL, ADA, XRP, DOGE, LTC, SHIB, PEPE. Find out how to use Binance Pay here.
Further Reading
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Medical Aid Cross Border: How Binance Pay Helped Save a Life
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Galvanizing Global Good Will: How Binance Pay Helped Disaster Relief in Brazil
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Love in Times of Crisis: How Binance Pay Made a Dream Wedding Come True