Binance, a popular cryptocurrency exchange, today rolled out peer-to-peer (P2P) crypto trading for five new fiat currencies from Latin America. It will help users buy crypto coins directly using these new fiat currencies.
Better crypto trading options
The five new cryptocurrencies on the Binance platform are- Brazilian real (BRL), Mexican peso (MXN), Colombian peso (COP), Argentine peso (ARS) and Peruvian Sol (PEN). The users on the Binance platform can now use these currencies to buy cryptocurrencies directly. The coins available on this purchase include Bitcoin, Ether, Binance Coin, Binance USD, and Tether. The platform does not charge the transaction fees from the users and provides escrow service for users to protect their funds.
According to Binance CEO Changpeng Zhao, Latin America is one of the most active regions in the world as far as cryptocurrency trading is concerned. The people here prefer P2P transactions. He noted,
“Amidst the current global economic uncertainty, cryptocurrency is still a favorable asset with great potential use despite its price volatility. […] For the massive unbanked population in Latin America, cryptocurrency is a more promising financial asset, and we are glad to directly provide the financial access and service for them.”
Binance provides fiat onboarding
The Binance P2P platform is focusing on providing fiat and crypto onboarding. Earlier this month, it made the Nigerian naira (NGN) the first African fiat currency on its P2P platform. Binance is focusing on expanding its P2P trading platform in numerous African nations. Zhao calls Africa a “blockchain continent” and believes that cryptocurrencies can be used to empower people and encourage them to join the financial world.
Binance’s love for emerging economies can be seen by its recent expansion strategies as well. It added the Vietnamese dong (VND) on its P2P platform in January this year. While Binance is moving ahead to create a strong P2P presence, already established platform LocalBitcoins is experiencing a decline in BTC trading volumes.
For the week ending Feb. 22., LocalBitcoins trading volumes reached seven-year lows. It saw only 3,144 BTC traded on the platform valued at just $28 million by existing prices. This is the lowest level since May 2013 witnessed the exchange.