The major cryptocurrency exchange Binance just listed four trading pairs for Russian ruble (RUB) according to an official announcement which was confirmed on December 2. These trading pairs featuring the ruble include Binance Coin (BNB), Bitcoin (BTC), Ether (ETH) and Ripple’s XRP token.
Confirmed by the CEO of the exchange Changpeng Zhao known as ‘CZ’, the development was in the works for some time now. At press time, the Binance news reconfirm the introduction of ruble trading on the platform announced in late October when Zhao officially confirmed that users could deposit and withdraw fiat funds in rubles.
The official post by Binance says the following:
“RUB deposits are now open. Users can check their RUB balances and trading options here. Please note: The Russian Ruble (RUB) is the currency of the Russian Federation and does not represent the ticker for other existing digital assets.”
Zhao previously lauded Russia and its position as a very important jurisdiction for the crypto and blockchain industries. With this, he recognized the wealth of computer science talent in the country and went so far that he even called the Russian President Vladimir Putin “the most influential person in the blockchain industry.”
The latest news that Binance just added new support for Russian rubles is only one thing in a series of new features and assets added to the platform over the past few months. In November alone, for instance, Binance added support for the Turkish lira and also became the first exchange which added the Fiat Gateway developed by the stablecoin operator Paxos.
In late October this year, Binance just launched support for the Nigerian naira, too. Stats show that over the last 24 hours, the currency has seen more than $43,000 in trading volume against Bitcoin (BTC) and nearly $25,000 against the stablecoin Binance USD (BUSD).
Meanwhile, it seems like the competitors to Binance are also trying to expand their scope of operations. As we reported in mid-November, Bitcoin futures trading on the International Exchange (ICE) and its Bakkt platform will expand and include a cash-settled option.
While Binance just added new Ruble support, the market still suffers and is below $200 billion. As the Bitcoin news show, the BTC price went below $7,300 once again.
Strategic Partnership: Paxful Gets Integrated Into Binance’s Platform
“Paxful is proud to be partnering with Binance in our joint efforts to bring bitcoin to the masses. They share our passion and vision for the global crypto economy and we’re excited to see how this union will spur more financial access, and, consequently, opportunities, for people everywhere.”The partnership shows that both of the companies are committed to providing banking services to the unbanked through cryptocurrencies and expanding the crypto user base. The interface between fiat and crypto has always been a rather complicated one mainly because of the credit card and bank services in the face of the potential for a major disruption of the highly profitable finance models that the banks have.There are about two billion people that are unbanked or underbanked and the majority of the people are in the developing world. Compliance costs make the entire process of opening accounts at traditional banks for low-income earners extremely not worthwhile from a bank’s perception. The unbanked are placed at a major social disadvantage without the possibility to safely store their money or even pay for goods and services. The fiat-crypto on-ramping has been the most pressing issue for crypto adoption. By reducing these barriers, Paxful and Binance will usher the general population into a new financial paradigm that will be based on the blockchain technology.
New Listing Ideas: Binance Considers Adding Tezos And Tron
‘’Our priority to continue exploring more digital asset listings for our users runs in parallel to our efforts to deliver a mobile application and more access to new states we currently do not operate. Binance.US recognizes that the ease of issuing of blockchain tokens and the perceived lack of regulation could make these tokens targets for abuse. Binance.US has both legal obligations and moral duties to shield our users from fraudulent blockchain projects and combat financial crimes.’’In 2019, the crypto exchange operators in the States have been forced to geofence certain token owing to the lack of regulatory clarity. Some others have elected to move their platforms across the world to jurisdictions with clearer cut crypto regulations. In the middle of the regulation battles and crypto clarity, the US regulatory agencies are praising their crypto efforts. It seems that the US Senate Committee on Banking Urban Affairs and Housing and the chairman Jay Clayton described the approach of the commission to crypto regulations as measured but proactive.Kenneth Blanco who is the director of the Financial Crimes Enforcement Network praised the regulator’s efforts in the crypto and according to him, the robust regulatory measures by FinCEN and others are making sure that better crypto reporting finally starts in the industry.
Africa StableCoin (ABCD) Is Built On Binance’s Native Blockchain
‘’The Africa Stable-Coin ($ABCD) is a cryptographic token that is (i) issued by a trust company, $ABCD Collective, (ii) strictly pegged 1:1 to a real-world asset, fiat currency (Nigerian Naira), and (iii) built on the Binance Chain network , a Byzantine Fault Tolerant and Proof of Stake consensus network, via its token issuance model.’’The texts also mentioned that the ABCD stablecoin combined with Naira’s high liquidity and Nigeria’s high population with the technological advancements in crypto. The stablecoin token made for use on the Binance Chain similarly to the Trust Token’s tokenized version of USD, GBP, CAD, and HKD. The whitepaper continues:
“Africa Stable-Coins ($ABCD) are created at the time of withdrawal from $ABCD Collective and redeemed or “destroyed” at the time of deposit back.”The project founder Atsu feels that the Naira stablecoin has a lot more useful than other than allowing the users to purchase crypto with local currencies and according to him:
“Many people have a hard time differentiating cryptocurrencies and knowing their actual value in their local currency. There are a lot of digital currencies backed by the US dollar. We have seen how well they do.But I feel we also need cryptocurrencies that are compatible with African national currencies. People can easily acquire US dollars, but still choose to spend their local currencies. This illustrates the power of familiarity, which we aim for”
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