The Malta-based Binance crypto exchange is among the top crypto brands in the digital assets industry and the platform has become the leader in the area and competitor to exchanges across the world. In the latest binance news, we see that the exchange is now expanding its services after it was only limited to crypto-to-crypto trading.
The fiat currency on-ramps have proven to be a major advantage at other crypto exchanges such as Coinbase and Kraken so now Binance will join the party. Accordingly, the popular platform is setting itself up to make the customers happier and maybe even pull ahead of its competitors in the process. During a presentation recently at the Moscow-based Open Innovations 2019 conference, the co-founder and chief executive officer at the Malta-based Binance, ChangPeng Zhao, confirmed that this company’s fiat on-ramp pivot and the first slated currency- the Russian ruble, will be supported within a matter of days.
“We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.”
Zhao didn’t comment on what other trading pairs will be joining the platform, though the British Pound and the EUR seem like a safe bet since they were the first mentioned in the exchange’s application also known as an API last week. This is not the first time that the crypto exchange signaled intentions to move closer to fiat offerings.
Last month, Binance revealed the new over the counter OTC trading venue on its main platform and that it will rely on fiat gateways. The co-founder He Yi explained that the exchange was looking to open a Chinese yuan on-ramps in order to expand further services on the Chinese market. Binance already has four regional fiat-to-crypto venues for local traders located in the US, Uganda, Singapore, and Jersey.
At the end of the day, the most important thing for the Binance Brand is the binance.com platform and the ability to embrace fiat gateways will only further strengthen the platform’s dominant position in the ecosystem. Being one of the most popular platforms on the market surely makes it hard to maintain the position and this is what the new services are for.
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