The biggest and one of the most coveted cryptocurrency exchange platform, Binance is making its way into the fiat-trading sphere, as CEO Changpeng Zhao, famously known as CZ, announced that the platform will be soon adding support for fiat to cryptocurrency trading pairs.
According to reports, CZ broke the news while speaking at the Open Innovations 2019 conference, which is an international platform dedicated to bringing together tech entrepreneurs, scientists, leading experts, students, government officials and corporations from all over the world to discuss the future of technological innovation.
— Binance (@binance) October 21, 2019
The conference was held in Moscow, where CZ rather fittingly announced that Binance would be delving into the new fiat trading market with Russian traders as their prime interest, hence they will be kicking it off with the Russian fiat currency, Ruble.
We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.
The addition of Russia to its portfolio is the exchange’s bid to see traders opt for Binance, as it is one of the most active crypto regions in today’s time. The crypto exchange platform has been in the process of expanding its fiat gateways, thus giving its users more options to purchase cryptocurrencies.
Only last month the platform struck up a partnership with London-based payments processor, Koinal specifically for a fiat opportunity. This alliance would allow users to purchase cryptocurrencies via Visa and MasterCard debit and credit cards. In addition to that customers would also have the luxury to make crypto purchases through bank transfers as well.
Furthermore, Binance has similar agreements and partnerships with Simplex, the Fintech & Crypto company providing fraudless payment processing, the regulated financial institution that enables movement between physical and digital assets Paxos; and TrustToken that a platform for creating stablecoins, or cryptocurrencies pegged to tokenized assets.
Reportedly Binance had intentions to launch their fiat-to-crypto exchange in Russia earlier this year, among other countries. However, for some unknown reason, that plan wasn’t materialized and the platform so far has managed to launch in four international fiat-to-crypto exchanges – in Uganda, Jersey, Singapore and the United States. According to CZ:
[Binance] will continue to build fiat-to-crypto gateways in our effort to increase accessibility and adoption of crypto
The timing of this announcement is interesting as only yesterday, according to an article on RBC News, Binance CEO named the Russian President, Vladimir Putin as the most influential person in the blockchain industry.