Binance has added payment support for 15 fiat currencies in a major push to corner local markets.
The Malta-based cryptocurrency exchange announced Friday that users can now buy cryptocurrencies with a longer list of supported fiat currencies thanks to its integration with the Israeli fiat payment processor Simplex.
The new integration provides gateways for currencies such as the Swiss franc, the Korean won and the Australian dollar, as well as the Polish zloty and the South African rand. Currencies that have already been made available through Binance’s fiat-to-crypto trading platform, such as the British pound and the Russian ruble, are now also supported via Simplex.
The developers confirmed that the integration was fully operational on Thursday afternoon.
Supported fiat currencies will be associated with Binance’s base cryptocurrencies – the assets that the exchange uses for its default trading pairs. These currently include bitcoin, ether, XRP, as well as some selected fiat currencies, including the US dollar and Nigerian naira.
Data collected for CoinDesk suggests that fiat volumes represent only a tiny fraction of Binance’s trading activity. With average daily volumes over 30 days at around $ 3.55 billion, only $ 3.5 million was in trust.
As the graph below shows, the vast majority of this volume has been in US dollars since the opening of a currency gateway.
Simplex partnered with Binance for the first time in January 2019, allowing users to buy cryptocurrencies with credit and debit card payments denominated in euros, U.S. and Canadian dollars, and Japanese yen.
Although Simplex charges a 3% fee – plus a flat fee of $ 10 for purchases under $ 200 – it is designed to be cheaper than paying directly from a bank or card provider, which generally charges an additional 3% exchange fee in addition to all other fees. billed for a fiat-crypt exchange.
Encouraging users to exchange in their local currency could enhance Binance’s global appeal. Last October, CEO Changpeng Zhao said that he had integrated Russian rubles into the platform after describing the country as one of their main markets. On Thursday, the Bourse announced that it had hired a former Uber product manager to begin creating a range of services specific to local markets.
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