Binance Crypto Exchange is dynamically adding fiat currencies to its platform (latest is Thai Baht and Australian Dollars). The exchange is anchoring on acquisition and partnerships to gain trouble-free access to local fiat-based markets.
Binance to Unlock Thai Baht
Recently, Binance has broadcasted its collaboration with Satang Corporation, one of the oldest digital asset exchanges in Thailand, to unlock Thai Baht (THB) on the Malta-based exchange. The Satang’s fiat processing service will allow the customers to deposit and withdraw baht straightaway to their accounts. However, that would require the integration into the trading platform of Binance. Satsang’s CEO and Co-founder Poramin Insom thanked Binance for accelerating the dream of Thailand’s Digital Economy forward.
— Binance (@binance) January 8, 2020
Binance to Support Australian Dollars
In the separate press release of Binance on January 08, 2020, the exchange announced the support for national currency of Australia. Binance extended the support to Banxa, fiat-to-crypto gateway solution for exchanges, wallets and other cryptocurrency businesses worldwide. Thus, the partnership with Banxa can ensure a user-friendly journey for Binance users in Australia. Banxa and Binance promised for future collaboration with various countries and currencies, providing convenient and secure global payment methods.
The press release also asserts that 74% of the (Australian and Thailand) population has access to digital technology or the Internet. Thus, a significant population of the world can move towards the digital asset with the support of Binance to Thai Baht and Australian Dollar.
Binance Future Plans
At the end of 2019, Binance supported the Japanese Yen and the Canadian Dollar too. Thus, Binance in the present-day supports 22 fiat currencies for the sale and purchase of cryptocurrencies. Binance CEO Changpeng Zhao believes that the collaboration with different currencies can prove to be prevalent to the fiat currencies and will provide a route for the transition from fiat to cryptocurrency.