By Ifaenyi Egede (Nigeria)
Cryptocurrency exchange giant, Binance has announced that it has introduced P2P trading support for Indonesian Rupiah and Indian Rupee shortly after it announced the acquisition of Coinmarketcap. According to a seasoned report, the number of fiat currency supported on the exchange platform is numbered up to 20 with Chinese and Vietnamese currencies included.
This latest development shows that there is an increase in the potential of crypto trading in the respective countries. India is in the spotlight after CZ-led exchange were looking to it for a while. Binance acquired WazirX in India after its crypto services were brought to a staggering halt after the Supreme Court banned the trade of crypto assets in banks. Binance is not the only crypto outfit to be looking to India as new haven after Bithumb were reportedly looking for partners in India to help fund its Indian blockchain system.
This recent development has shown that the Indian crypto market might be the next big thing even with the Coronavirus pandemic that is threatening to tear the world apart. With Coin dance releasing statistics which showed that the Indian local bitcoins volume was worth INR 68 million as at last week. So many crypto outfits have noticed the potential of cryptocurrency in the Indian market. Binance CEO Chagpeng Zhao was on the forefront, thereby debuting the Indian rupee on its platform.
Speaking to reporters on the development, Changpeng Zhao was quoted as saying “India and Indonesia are two of the largest emerging markets with tremendous potential in crypto adoption, and we are pleased to empower the massive population with easy-to-use crypto access.” “On Binance.com, we offer our users various fiat-to-crypto access, and P2P trading is a simple approach for users to buy and sell crypto in multiple payment methods. Moreover, users can earn profits from trading cryptocurrencies with other users or verified merchants on the Binance P2P trading platform,” the CEO further said.
The Binance P2P platform offers users easy access to digital assets on a consumer to consumer to business to consumer scale. With this new development, crypto users and investors in India and Indonesia can buy and trade BTC, ETH, BNB, USDT on the platform with zero trading fees. Binance has further noted that they are aiming to make trading seamless around the whole world, especially with the Coronavirus pandemic. They want to be able to afford everyone with the opportunity to send money and assets to their families all around the world with India and Indonesia, their core focus point.
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