Binance cryptocurrency exchange plans to support all 180 fiat currencies of the world to operate its direct fiat cryptocurrency service.
Binance CEO Changpen Zhao didsuch a statement on Tuesday at the CoinMarketCap Meetup, The Capital in Singapore. He identified this as a key challenge for Binance.com for 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 to lower the barrier to entry” and that users can expect “more pairs very soon”.
To provide a fiat trading mechanism, Binance supports Fiat Gateway channels through six third-party manufacturers - Koinal, Simplex, Paxos, TrustToken, Flutterwave and AdvCash.