Binance Is Heading Toward Global Fiat Market Seizure, 15 Fiat Currencies Added

UTC by Jeff Fawkes · 3 min read
Binance Is Heading Toward Global Fiat Market Seizure, 15 Fiat Currencies Added
Photo: Shutterstock

Binance is extending partnership with Simplex to provide more fiat payment gateways and eliminate traction. The exchange seems to be aiming at global fiat to crypto payments dominance.

Binance is adding more and more fiat currencies on its way to global dominance. It’s one of the major exchanges for cryptocurrency novices and pros,

Israeli cryptocurrency payments startup Simpex will help the Binance exchange with the handling of fiat payments. Binance announced on Friday that users now can buy and sell virtual assets with a hefty of fiat options. The additions include Swiss Franc, KoreanWon, Polish Zloty, South African Rand, and Australian Dollar. This is not to mention the previous additions of Turkish Lita, Ukrainian Hryvnia and some other European currencies.

Simplex will also facilitate payments for the Russian Ruble and British Pound – both currencies added in December 2019.

Exchanges Come and Go but Binance Is Expanding Hard

The exchange has added a peer to peer trading option for Vietnamese Dong on January 20, 2020. The Android/iOS trading app allows Vietnamese people to easily trade mainstream crypto right from their phones. A recent partnership with WazirX will allow Binance to enter Indian market, including the OTC trading.

Russian cryptocurrency news outlet ForkLog conducted a survey back in August 2019. Per the results, the Binance exchange appears to be the most popular among traders from Belarus, Ukraine, Russia, and many other post-USSR countries.

Binance Is Heading Towards Global Fiat Market Seizure

Image via: Forklog

Also, the Binance Turkey representative told CT that the exchange added full order book trading for the Lira trading pairs, including BTC, XRP, BNB, and others. Binance USD and USDT stablecoins are also available for the Turkish traders. The complete integration of Binance with Simplex payment gateways ready to work since Thursday.

All the fiat currencies on the exchange will be paired with the base cryptocurrencies. These include BTC, BNB, XRP, the U.S. Dollar, Ethereum, several fiat currencies including the Nigerian Naira. CoinDesk reported its data: Binance has only a fraction of all the trading activity connected with fiat payments. During the last 30 days, only $3,55 million of the Binance’s overall $3,5 billion trading activity was in fiat currencies.

According to the data, Binance opened the gateway for the U.S. dollar in mid-November 2019. Since that moment, the fiat trading volume received a significant boost from dollar holders. The USD keeps a leading role in trading.

Binance Is Heading Towards Global Fiat Market Seizure

Image via: Coindesk

Twitter Discussions Heat on Bitcoin, Ethereum and XRP

Per the year to date stats provided by ICO_Analytics, 22% of the cryptocurrency users discuss Bitcoin on Twitter.

Also, 8% of them keep mentioning Ethereum, 6,7% are interested in Ripple‘s XRP token, with 5,2% voting for TRON. Surprisingly, Bitcoin’s most famous competitor – Bitcoin Cash – gains only 2,1% of the attention. Also strange, privacy coins keep low prices despite a powerful value proposition: Monero and Dash got only 1.2-1.3% of the crypto gigs’ attention.

Altcoin News, Binance News, Bitcoin News, Cryptocurrency news, Ethereum News
Jeff Fawkes
Author Jeff Fawkes

Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

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