Cryptocurrency exchange Binance is soon to launch its first fiat-to-cryptocurrency trading pairs.Speaking at the Open Innovations 2019 conference in Moscow on Monday, CEO Changpeng “CZ” Zhao confirmed that fiat options are on the way, kicking off with the Russian ruble:
“We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.”
Until now, the company’s primary service, binance.com, has only supported crypto-to-crypto trading.
However, it has launched local fiat gateways in Uganda, Singapore, Jersey and, most recently, the U.S.
Binance had said in September that fiat payments were coming for over-the-counter OTC trading – effectively.
bulk deals – this month. However, his comments today appear to indicate that general trading on the exchange will also support the new options.
Also announced by the exchange on Monday, a new token pegged to the value of the bitcoin cash (BCH) cryptocurrency has been listed on its decentralized exchange.
Binance DEX. Binance said its “BCH-1FD” token would bring more options for DEX users.
CZ image (taken at a different event) courtesy of Binance
Binance.com, the largest crypto-to-crypto exchange, is soon going to add support for fiat trading.
The exchange is starting the initiative with Russian rubles.
Binance CEO Changpeng Zhao “CZ” announced the news at the Open Innovations conference in Moscow, Russia on Monday, saying:
“In about two weeks or so, we should have support for Russian rubles trading directly.
So you [will be able to] buy cryptocurrencies on Binance.com using rubles.”
Just last week, on Oct. 16, Binance quietly added euro (EUR) and British pound (GBP) pairs to its application programming interface or API.
Binance intended to launch a fiat-to-crypto exchange in Russia earlier this year, among other countries.
The Block has reached out to Binance for a comment on the new initiative and will update this story if a reply is received.
Binance has been expanding its fiat gateways, giving users more options to buy cryptocurrencies.
Last month, the exchange partnered with London-based payments processor Koinal for a fiat gateway, which allows users to purchase cryptocurrencies with Visa and MasterCard debit and credit cards, as well as via wire bank transfers.
Binance also has similar partnerships with Simplex, Paxos and TrustToken for its fiat gateway channels.
CZ said at the time that Binance will “continue to build fiat-to-crypto gateways in our effort to increase accessibility and adoption of crypto.”
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