Crypto exchange Binance has plans to support all 180 worldwide fiat currencies for its direct fiat-to-crypto trading facility.
Binance CEO Changpeng “CZ” Zhao revealed the news at the trade’s “super meetup” conference in Singapore on November 12, stating: “One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 [fiat currencies] onboarded onto Binance.com.”
Through the activity, Binance intends to give clients “direct access to the large liquidity” on the exchange, CZ stated. The statement discloses Binance’s strategy that it needs to work with third-party services to include as many fiat/cryptocurrency pairs as possible.
Binance presently supports five fiat monetary forms on its platform—Nigerian naira (NGN) and Russian ruble (RUB), Ukrainian hryvnia (UAH), euro (EUR), and Kazakhstani tenge (KZT). All have been included in the previous weeks through third-party payment platforms Flutterwave and AdvCash.
CZ first announced Binance’s direct fiat-to-crypto trading facility on October 21. He earlier stated that including fiat on-ramps worldwide is “very important for lowering the barrier to entry” and that users can expect “more pairs very soon.”
Binance presently supports fiat gateway channels through six third-parties—Koinal, Simplex, TrustToken, Paxos, Flutterwave, and AdvCash.