Binance Boosts Bitcoin And Crypto Expansion With This Move
The mainstream crypto adoption has been the most important goal last year, and there have been a lot of moves made towards the achievement of this target.
In 2020, the aim remains the same, and as you know, things are getting better. Visa and Coinbase made an important move that supports crypto adoption.
Some analysts believe that this enormous crisis that we’re in will be showing the crypto and the blockchain’s true advantages.
The crypto adoption continues, and Binance is the latest entity to make a move these days in this direction.
Binance users in five Latin American countries can trade crypto in local currency
It’s been revealed that Binance users in five Latin American countries now have the ability to buy and sell crypto in their local currencies. This will happen Brazil, Argentina, Colombia, Mexico, and Peru.
It’s been revealed that in a press release Binance said it supports the Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN) and Peruvian Sol (PEN) in its peer-to-peer (P2P) trading platform.
You may recall that the P2P platform was launched in October of 2019 to expand crypto adoption by allowing direct fiat-to-crypto trades.
The platform serves as a marketplace for trading fiat and leading digital assets.
Binance said that trading Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance Coin (BNB) and Binance USD (BUSD) with the five newly-supported currencies currently features zero transaction fees, as reported by the online publication the Daily Hodl.
The platform is also offering escrow and financial services, including spot, margin and futures trading and also lending.
Binance remains on track with global expansion
Binance has remained on track with the global expansion, and the exchange is targeting the massive unbanked population in Latin America where the company expects crypto to become a practical financial asset.
CEO Changpeng Zhao stated the following:
“Amidst the current global economic uncertainty, cryptocurrency is still a favorable asset with great potential use despite its price volatility. This has been illustrated by the recent increasing purchase on our P2P platform.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.