Binance Plans to Add Support for Fiat Currencies of Kazakhstan and Ukraine
Binance cryptocurrency exchange is going to add fiat-cryptocurrency bridges for Kazakhstan and Ukraine.
In an expansion of its market offerings, indications have emerged that premier cryptocurrency exchange Binance is set to add support for crypto-fiat exchange for the Kazakh and Ukrainian currencies. This comes after the recent addition of support for Nigerias currency the Naira which was done in partnership with Flutterwave which is a Nigerian payment gateway based both in Nigeria and the United States.
Moreover, its worth mentioning that Binance also added the Russian Ruble to the row of its options.
The Ukrainian Hryvnia (UAH) and Kazakhstani Tenge (KZT) seem to be the next set of currencies that will be added in the cryptocurrency to fiat arrangements made by Binance.
Changpeng CZ Zhao in his recent ask-me-anything session already indicated that fiat-cryptocurrency bridges would also be playing a major part in lowering the barriers for entry into the exchange.
We are adding more fiat on-ramps around the world, this also indicates that Binance is set to take over the coveted spot of the number one cryptocurrency exchange in the world. Binance is currently working with six different partners for the fiat-cryptocurrency exchange. They include Koinal, Simplex, Paxos, TrustToken, Flutterwave, and AdvCash.
The trend with the fiat-cryptocurrency support seems to indicate that Binance is shifting its focus from developed countries to the developing ones to have a foothold there.
After its closure of the U.S. arm of its business and the re-opening earlier this year, the core shift of the cryptocurrency exchange indicates that it is positioning itself for dominance shortly when massive adoption of cryptocurrencies and blockchain technology occurs.
Developing countries hold a significant portion of the worlds population even as information technology density (that is the number of people in a specific geographical region who are knowledgeable about information technology per square kilometer) is much lower than those of developed countries.
That itself represents a dilemma for anyone who would want to take over such markets within and induct them into the crypto space. The greatest task that Zhao would face will be the task of educating those people within such markets as to what exactly they can achieve via cryptocurrency trading and blockchain technology.
Then implementation of the core processes which should be easier than those in developed countries should then ensue. This is because developing countries have already extremely difficult operating environments.
The use of fiat-cryptocurrency bridges has already solved the basic cryptocurrency exchange problem which often involves a third-party fiat currency.