The largest crypto exchange Binance recently announced that it now offers three fiat-on-ramp solutions for three more currencies. Binance emphasized its new partnership with global fiat on-ramp solution Banxa which enabled its audience to buy cryptocurrencies directly on Binance.com using Australian Dollar (AUD), Euro (EUR) and British Pound (GBP).
Binance Adds More Fiat
Announced on January 08, 2019, Binanciers can now access “Binance buy crypto page and process near-instantaneous low-fee GBP bank transfers directly on Binance.com via Faster Payments (FPS)”.
Noticeably, Banxa claims itself as “an internationally compliant fiat-to-crypto gateway solution for crypto market players including exchanges, wallets and other crypto-related firms”. The exchange asserts that the partnership with Banxa is an efficient way to serve Binanciers located in Australia, the United Kingdom, and other European countries. More so, users can purchase cryptocurrencies on Binance via several local payment methods including bank transfers, bill payments, and retail payments.
As Binance exchange recently announced the integration of Visa cards to user’s Binance account, crypto traders and users in Australia and other countries can use credit and debit cards to buy cryptocurrencies on Binance.com.
It’s worth noting that the new partnership and addition of more fiat comes in a wake of exchange’s “New year Eve” detail report. In a personalized letter via the Binance blog, Binance Boss CZ stated that the exchange is currently supporting 19 fiat currencies and will be adding three more next week. Today’s announcement is certainly the result of the exchange’s earlier commitment. Henceforth, Binance currently supports 21 fiat currencies and the list goes like this USD, GBP, SEK, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT, VND, COH, PLN, INR, BRL, ARS, MXN & IDR – newly added “AUD, GBP, and EUR.
Binance Partners with Banxa
Nonetheless, Binance CEO Changpeng Zhao (CZ) believes that the new partner Banxa resembles Binance’s vision of “making cryptocurrency accessible to people around the world”. He went on to add that;
“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.”
On the other hand, Holger Arians, Banxa CEO equally expressed his excitement of partnering with Binance. He says that the exchanges can rest on Banxa for both local and global payment options as it oversees regulations, 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,” added Holger Arians, Banxa CEO.
Though both parties initially announced the support of three fiat currencies of respective countries, they also state their vision of adding more “currencies and countries” over the coming months to serve a global market”.