ByBit expands to Korea and Japan with its new fiat payment options while also adding support for the Vietnamese language on the platform as we are reading more in the latest blockchain news.
The crypto derivatives exchange ByBit expands to Korea and Japan after it added support for the Japanese Yen and South Korean won while trying to conquer the Asian markets. In an announcement, ByBit said that the addition of these two new fiat currency payment options took the total number of supported fiat currencies to 43. byBit also made a debut with the fiat payments options in June by allowing traders to purchase Bitcoin and Ether by using 20 different fiat currencies as the CEO of the exchange Ben Zhou said:
“With the latest update we now offer conversion to BTC, ETH, and USDT from 43 fiat currencies.”
The fiat gateway allows the users to purchase three supported cryptocurrencies via the electronic fund transfers or with Visa or Mastercard credit and debit cards. The exchange also supports cash deposits but this is limited to certain regions. Since the end of June, traders purchased more than $13 million worth of crypto using the fiat gateway and the most popular fiat currency was the euro while the most popular cryptocurrency was bitcoin. The exchange is working with three payment gateway providers- Xanpool, Moonpay, and Banxa. Zhou said that they are looking to partner with other providers and to help facilitate even more crypto assets.
Ben stated that the exchange only allows “a unidirectional purchase of crypto with fiat currencies.” This means that users cannot exchange the crypto funds for fiat and to withdraw into bank accounts. Ben also added that they will explore more options in the future as well. With the addition of two new Asian currencies and with the Vietnamese language support on the platform now, Ben expects a huge growth in the Asian market.
The exchange also donated $100,000 from the WSOT prize pot of its upcoming trading competition to help children affected by the virus. Since the virus outbreak, crypto businesses have been making huge donations to organizations that combat the spread of the disease. Businesses with their own charity branches started making partnerships with key stakeholders to mobile relief efforts from communities that were most affected the pandemic.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]