Binance has shared on its blog a story of how cryptocurrency, through Binance Pay, contributed to saving a life by bypassing delays inherent in traditional banks.
According to the blog post, an Algerian peer-to-peer (P2P) merchant identified as Imed Idrissi began using Binance Pay years ago. It was the first crypto product he had ever tried. A friend had suggested that he use it, and he quickly became impressed by the platform’s instant transfers and zero fees.
“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,” Idrissi was quoted as saying in the post. “And 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.”
The life-saving power of Binance Pay became evident to Idrissi in 2022 when he and his wife took a trip to France to visit a family friend. At the same time, his friend’s young son experienced a near-fatal car accident and required emergency surgery. While most citizens of France have healthcare provided by the government, it does not always cover special, costlier procedures. The procedure to save the child was too costly for the boy’s parents.
Idrissi’s father in Algeria agreed to send 10,000 euros from his bank account for the procedure. However, according to the blog post, the Algerian-based bank informed him that the process could take as long as 30 days. Idrissi decided that Binance Pay was worth trying, so he instructed his father on how to open an account.
“Once Mr. Idrissi had passed Binance’s identity verification checks, the account was set up on the same day. Imed transferred the required sum in USDT stablecoins immediately,” read the blog post. “Afterwards, Imed guided his parents through the process of exchanging stablecoins to the much-needed euros and then withdrawing fiat using fintech service providers.”
