Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
Premier cryptocurrency exchange Binance is set to include 180 fiat currency supported pairs within six or nine months.
In what is seen by many as a “gutsy” move premier cryptocurrency exchange Binance is set to include 180 fiat currency pairs and counting between now and the end of the first quarter of next year. Changpeng “CZ” Zhao indicated this in an “ask-me-anything” session at the exchange’s “super meetup” in Singapore. CZ stated:
“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.”
“We want to have them directly on Binance.com wherever possible so that this way, they have direct access to the large liquidity on Binance.com,” added he.
This, of course, comes as the platform already offers support for the European euro (EUR), Ukrainian hryvnia (UAH), Kazakhstani tenge (KZT), Nigerian naira (NGN), and Russian ruble (RUB). The additions have been made just within a couple of months which shows the direction that the cryptocurrency exchange is leaning in as regards strategy and liquidity offerings.
Currently, with the above-supported fiat currencies, the premier cryptocurrency exchange works with the following partners to make this happen regularly: Koinal, Simplex, Paxos, TrustToken, Flutterwave, and AdvCash.
At the event in what seems like a series of innovations CZ also announced the introduction of the one-hour support response system globally for customer support issues. He said:
“Before Binance, there were many experiences of people using exchanges that would submit a ticket and wait for months. This is real money that have on the exchange and when they have some issue, they wait for months for a reply.”
This, of course, will involve an increased human resource involvement but it goes to show just how far the cryptocurrency exchange is willing to go to adopt the best global practices in business to distinguish itself from competitor exchanges.
Binance this year had been at the forefront of many innovations in the blockchain space and the cryptocurrency markets; the fiat-cryptocurrency pairing being one of them.
In August, for example, it launched its Binance chain which is a fully decentralized marketplace that offers the same features of being able to buy and sell cryptocurrency tokens but based off a blockchain this time.
In that same month, the cryptocurrency exchange also launched the Venus which is an open-source project that aims to enable the creation of regional blockchains and is an affront to Facebook’s Libra which is currently facing regulatory hurdles.
To remain current in the U.S. markets, the cryptocurrency exchange also reopened its U.S. operations and by late October it crossed $10 million in daily trading volumes for the first time.
This, of course, indicates that the cryptospace is growing and it’s becoming hard to beat innovative companies who are changing the way we the blockchain space and the cryptocurrency community do everything.
Following the current trend of events on upcoming innovations, it is safe to say that 2020 will be an interesting year considering what firms such as Binance and co are doing.