Binance cryptocurrency exchange may soon launch a cryptocurrency platform that will support fiat currency in South America. Then CEO of Binance hinted at this in his post on Twitter on Saturday, March 9.
He wrote, “Guess where we will have a new fiat-to-crypto exchange?” in response to a report by Coinspice that Argentina has invested in Binance-supported blockchain projects.
Coinspice had written:
“Argentina Government Matches 1:1 Binance Investment for Blockchain Projects”
Argentina Government partners with Binance Labs
Last August, Smartereum reported that Binance, the world’s largest cryptocurrency exchanges by adjusted trading volume, have introduced an in-house incubation program for early-stage blockchain projects, through Binance Labs. Binance promised to provide seed capital of up to $500K in seed funding for a 10 percent stake in the business. The program also includes mentorship, exposure as well as the best of its resources and support services to participants of the incubator program.
As reported, the government of Argentina entered an agreement with Binance Labs, the accelerator arm of the exchange to co-sponsor the blockchain projects selected by the investment and social impact arm of the exchange.
Introducing Fiat trading to Binance Platforms
Binance is an originally a crypto-crypto based cryptocurrency exchange which means that customers on the platform must have already acquired cryptocurrencies before transacting on the platform.
However, the exchange seems to be shifting from this stance following the introduction of fiat trading in some countries albeit through aliases. In Uganda, for instance, Binance customers are able to purchase bitcoin and other cryptocurrency using the country’s fiat currency, the Ugandan shillings. The arrangement worked to great effect as over 40,000 new users joined the platform in the country within one week of its launch. Binance said it provided fiat trading through a partnership with an unnamed local payment firm.
In the same way, Binance provided crypto-fiat trading in Jersey for its European market. Earlier reports by crypto news outlet The Block suggest that the exchange planned to launch similar fiat trading it 8 countries across 4 continents. They include Singapore, Malta, South Korea, Liechtenstein, Russia, Turkey, Bermuda, and Argentina.
Zhao’s tweet fuels speculation that Binance crypto-fiat exchange for Argentina is already in the works.
Binance users can purchase cryptocurrency using their credit cards following an agreement in January with payment processor Simplex in January.
Binance Coin (BNB) Price Today: What is the price of 1 BNB today?
Binance Coin (BNB), the native token of the Binance cryptocurrency ecosystem is currently trading at $14.42 according to data from Coinmarketcap. This is less than 1 percent better than it traded last 24 hours. It still maintains the 7th position in the Coin market leaderboard with a total market cap of about $2 billion at the time of writing.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.
