Binance, the Malta-based crypto giant, recently announced that it is offering support for fiat pairs, stablecoin Tether, XRP, and Ethereum. In addition to this support, the exchange has concluded plans to add trading pairs between USDT and the Russian Ruble (RUB).
Binance Very busy in the market
In November last year, Lira rose to become the biggest fiat currency to trade on Binance based on trading volumes. The fiat currency has grown under the exchange’s platform since then. However, Binance only accepted its customers and clients to buy the other major currencies using Bitcoin, including XRP, ETH, as well as BTC. The exchange allowed its customers to trade the digital currencies via Papara, its Turkish-based social trading platform.
Almost a year ago, Binance supported XRP and made it a base currency. It later changed the ETH market to the ALTS market.
Before that, Binance allowed the online trading of five other fiat currencies on its exchange. The company has had a tremendous impact on the industry as it tries to provide support for the major fiat currencies in the world. Right now, Binance offers several currencies on its platform. It gives traders and investors more opportunities to invest in a wide range of currencies.
— CZ Binance (@cz_binance) November 7, 2019
Binance opened more offices
The Cryptocurrency Exchange has been very busy lately. The company did not only offer support for these fiat currencies. It also opened several more offices in different regions of the world, including Uganda, and Singapore.
Slowly but surely! #Binance
Many people still don’t understand the impact this will have, but they will. pic.twitter.com/Ci5Geabm6A
— CZ Binance (@cz_binance) December 21, 2019
Binance not yet able to conquer U.S. Market
Despite its remarkable exploits in other parts of the world, Binance has not yet made its mark in the United States. Earlier in September this year, the company rolled out its exchange service in the U.S., as it opened up trading for seven cryptocurrencies.
Catherine Coley, whos was former Ripple wallet executive, heads the U.S. Exchange. Since the launch of the exchange in the U.S., it has failed to live up to expectations. There are no significant gains made, as its trading volumes have been relatively discouraging. It is doing far worse than expected, while Coinbase is currently bossing the market in U.S. Many expected Coinbase to dominate the market since it’s operating its home turf. However, with the level Binance has attained on a global scale, many thought the exchange could give Coinbase a run for its money, even in the U.S. But that has not happened yet.
XPR’s growth surprises many in the industry
A lot of people are surprised by the growth level of XRP in the exchange market. But to the holders of this security, it’s no surprise at all. After all, they have been the most loyal supporters and believers of the security since it was launched.
Currently, the coin holds the third-highest position in the market, after outperforming Ethereum several times. Many experts and analysts say the growth potential of XRP is far higher than what many people have projected. According to some experts, the coin has the potential of doing far better than all other coins in the market. With the recent support by Binance, its growth may have begun already.