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 purchase cryptocurrencies with a longer list of supported fiat currencies through its integration with Israeli fiat payments processor Simplex.
The new integration provides gateways for currencies including the Swiss franc, Korean won and Australian dollar, as well as the Polish zloty and South African rand. Currencies that have already been made available through Binance’s fiat-to-crypto trading facility, such as pound sterling and Russian ruble, are also now supported through Simplex.
Developers confirmed the integration was fully operational by Thursday afternoon.
Supported fiat currencies will be paired with Binance’s base cryptocurrencies – the assets the exchange uses for its default trading pairs. These currently include bitcoin, ether, XRP, as well as some selected fiat currencies, including the U.S. dollar and the Nigerian naira.
Data collected for CoinDesk suggests fiat volumes only make up a tiny fraction of Binance’s trading activity. With 30-day average daily volumes at around $3.55 billion,…
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Author: Paddy Baker