Binance is a global cryptocurrency exchange that provides a trading platform for over 100 cryptocurrencies. As part of its global expansion plan, Binance is widening its presence in two major emerging markets, India and Indonesia.
Today the exchange announced the launch of peer-to-peer (P2P) trading for Indian Rupees (INR) and Indonesian Rupiah (IDR). With these two fiats integrated into Binance’s P2P platform, the total number of acceptable fiat currencies on the P2P trading platform becomes 20.
Both INR and IDR will be available on the exchange website and mobile app with zero transaction fees for trading. In addition, 5 trading pairs – Bitcoin (BTC), Ether (ETH), Tether (USDT) Binance Coin (BNB), and Binance Dollar (BUSD) will be compatible.
“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,” said Binance CEO Changpeng Zhao (CZ).
Last year, Binance acquired WazirX, the Indian exchange. Trading volumes on Indian exchanges have risen considerably since India’s Supreme Court overturned the Central Bank’s ban on trading in virtual currencies. Crypto banking services platform Cashaa India noted an increase in trading volumes of 800 percent in the 48 hours following the decision.
The exchange adds the Indian fiat at the perfect time as the country’s crypto trade surges after the banking restriction ban lifts for the crypto companies. The nationwide panic triggered by the insolvency crisis in Yes Bank has worked for bitcoin. Further, the coronavirus nationwide lockdown has not stopped Indians from venturing into cryptocurrencies trading. Adding support for the Indian and Indonesian fiat currencies illustrates how much potential the global crypto-ecosystem sees in those countries.
In recent months, the company has steadily extended its fiat gateways, enabling crypto-purchases with credit cards.