- Binance announces collaboration with Thai firm Satang Corporation
- The deal allows Binance users to buy crypto with Thai Baht
- Binance will offer support for 180 fiat currencies
Cryptocurrency News Today – the world’s largest exchange, Binance has reached another milestone in its ambition to support the exchange of fiat for crypto. The exchange recently revealed that it has added a new fiat. This time it was after a collaboration with a firm. Here is how the report puts it: Malta-based crypto exchange Binance has recently announced that it will be collaborating with Satang Corporation.
Satang is one of the oldest crypto exchanges in Thailand. Per the report, the goal of the scheme is to open Thai Baht fiat channels for Binance users. The exchange made the announcement via a recent statement. It revealed that its users will now be able to buy cryptocurrency directly with Thai Baht on the exchange via bank transfers.
Binance Chief: Fiat will Co-exist with Crypto for an Extended Period
The community welcomed the new development. Binance gave directions on how to purchase THB on their platform via bank transfers. Explaining how to use the new feature, Binance said:
“To access the new service, we advise users to visit the page tagged “Buy Crypto” and select any amount of Thai Baht they desire before clicking on next and choosing Satang as the option.”
Still, on the matter, Binance CEO Changpeng Zhao was in positive spirits following the arrangement. He remarked that crypto and fiat will co-exist for many years. Speaking about the development Zhao said:
“We believe that fiat currency will co-exist with cryptocurrency for an extended period moving forward. No less than 99.9% of the global fund’s supply is still made in fiat and we must continue building bridges to facilitate easier flow into digital assets.”
Binance to Provide Support 180 Fiat Currencies
Additionally, Binance CEO also stated that the Binance exchange has been making plans to provide support for the entire 180 fiat currencies in the world this year. Hence, going by this statement, the exchange also said that it has added fiat support for those who are using Visa cards to make crypto purchases on the exchange with the Polish zlote and Swedish kronor.
While the move is one of Binance’s best in recent months, the details of the scheme are scarce as of press time. Maybe as time passes Binance will reveal more details about how it will add the 180 fiat currencies that it will be providing support for on its platform.