Binance, a leading crypto exchange, announced on Tuesday the addition of two more fiats - Indian rupees and Indonesian rupee - to its peer-to-peer (P2P) platform.
With this addition, the total number of supported fiat currencies on the P2P exchange has reached 20.
Mentioning the development, Changpeng Zhao, founder and CEO of Binance, said: “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.”
Binance launched its P2P exchange last October with Chinese yuan, facilitating crypto exchange to lucrative Chinese traders who are deprived of using centralized cryptocurrency exchanges.
Available on both Binance.com and mobile apps, the P2P platform also added currencies like Vietnamese dong and Russian ruble.
The exchange facilitates the trading of BTC, ETH, BNB, USDT, and BUSD on its P2P platform for zero transaction fees.
“On Binance.com, we offer our users various fiat-to-crypto access, and P2P trading is a simple approach for users to buy and sell crypto in multiple payment methods. Moreover, users can earn profits from trading Cryptocurrencies with other users or verified merchants on the Binance P2P Trading Platform ,” Zhao added.
Expanding global footprint
The exchange is adding the Indian fiat when crypto trades in the country are skyrocketing following the lift of banking restriction ban for crypto companies.
Notably, Binance also acquired WazirX, a local Indian crypto exchange, last year, making a direct entry into the lucrative market.
Meanwhile, Binance also constantly expanded its offerings and launched options trading for Bitcoin yesterday.
With all the fiat addition, Zhao is nearing his ambitious goal of adding 180 fiat currencies on Binance by the end of this year.
