Binance launches P2P trading in China as the country remains hyped

Binance and its founder Changpeng Zhao has made it a point to capture the cryptocurrency market with multiple announcements and updates. In the latest bid to capture the ever-growing Chinese market, Binance announced that users in China will now have BNB P2P trading enabled via the Binance app.

Fans of the exchange wasted no time in complementing the company, with Jawad Arif, a user tweeting at CZ saying:

“ Thanks for keeping us staying alive. You are a lifeline for thousands of blockchain believers. Keep going my friend.”

CZ was ecstatic about the announcement, and his tweet post the statement read:

“Shill tweet. When 1.4 billion people understand $BNB…”

Many members of the community thought that the price would definitely go up after the report, but the main point in focus was the new reach created by Binance. Binance Coin did not go through much of a price change after the latest news with the 24-hour spectrum showing a slight 1.59 percent increase. At press time, the cryptocurrency was trading for $20.48, with a total market cap of $3.19 billion. BNB’s market volume had increased to $155.54 million after the price hike.

The launch of the P2P trading in China comes at a time when the country has decided to accept blockchain wholeheartedly. China had made significant news when the country’s central bank official made statements in support of blockchain technology right after President Xi Jinping’s words rang the same bell. Xi Jinping had said:

“We must take the blockchain as an important breakthrough for independent innovation of core technologies. We must clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”

The hype in China had become so massive that the country’s state paper, the People’s Daily, asked people to remain calm about the markets. The circular read:

“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.