June 17, 2024

Binance plans to support 180 world currencies

Binance plans to support 180 world currencies

The Binance cryptocurrency exchange plans to support all 180 fiat currencies in the world for the operation of its directfiat-cryptocurrency service.

Binance CEO Changpeng Zhao madesuch a statement on Tuesday at the CoinMarketCap Meetup, The Capital in Singapore. He identified this as a key challenge for Binance.com over the next six to nine months. 

As part of this initiative, Binance plans to provide customers with “direct access to greater liquidity” on the exchange, CZ said.

Binance does its best to becomeuniversal solution on the cryptocurrency market. The exchange added support for fiat currencies on its trading platform on October 21. Now users can use five national currencies: Nigerian Naira (NGN) and Russian Ruble (RUB), Euro (EUR), Ukrainian Hryvnia (UAH) and Kazakhstan Tenge (KZT). All of them have been added in the past few weeks through the third-party payment platforms AdvCash and Flutterwave.

CZ believes that adding "fiat ramps" around the world is "very important in lowering the barrier to entry" and that users can expect "more pairs very soon." 

To provide a fiat trading mechanism, Binance maintains Fiat Gateways through six third party vendors – Koinal, Simplex, Paxos, TrustToken, Flutterwave and AdvCash.