By
Chimamanda U. Martha
April 19th, 2024
Binance is actively expanding its fiat options which are aimed at ensuring wider cryptocurrency adoption around the world.
In collaboration with Banxa, Binance has added fiat options for the Pound (GBP), Euro (EUR) and Australian Dollar (AUD). Banxa is a global fiat payment services solution that works with financial technology companies in solving their fiat-to-crypto currency issues. The popular faster payments services for the British pound (GBP) is available for users who need to buy cryptocurrencies quickly.
Changpeng Zhao said that the Australian dollar and the Euro can also be purchased on Binance’s platform using Banxa’s services as well. This can be done using the Buy Crypto page on the Binance website. CZ said:
“We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto. In 2020, we aim to add support for all 180 fiat currencies.”
“Banxa is a partner who shares our mission of making cryptocurrency accessible to people around the world”, added he.
This shows Changpeng’s overall drive to ensure cryptocurrency adoption. It also shows the way of how his vision can be achieved.
Binance Added Many Fiat Options
Binance has provided more fiat options for cryptocurrency traders than most exchanges so far. This has increased access to cryptocurrencies for many people globally. It has also improved cryptocurrency adoption too.
Banxa as an organization has also been doing its bit in getting cryptocurrency adoption as well. It helps all kinds of cryptocurrency-based platforms to have localized payment methods while regulatory issues are handled easily by them. This shows that the financial technology industry is taking over. Traditional financial business models are giving way to better models.
Holger Arians, Banxa CEO indicated this when he said:
“Banxa allows crypto exchanges, wallets, and other crypto platforms to offer instant fiat to crypto conversions. With only one integration, our partners benefit from both local and global payment options while Banxa takes care of all regulation, compliance, and chargebacks. We are very delighted to welcome Binance into our growing ecosystem of partners and look forward to working closely with the team at Binance.”
Binance Becomes Socially Responsible
Cryptocurrency exchanges also act as socially responsible corporate citizens. Binance has donated $1 million in BNB tokens to assist in tackling the Australian wildfires problem.
The tokens came through the Binance Charity Foundation. They were given to assist in efforts made currently. This is one of the ways that members of the crypto space have helped raise donations for global causes.