Binance to Kick off Fiat-Crypto Trading Platform with Russian Ruble

Binance to Kick off Fiat-Crypto Trading Platform with Russian Ruble

The cryptocurrency platform, Binance is often seen as the biggest exchange in the market and now, it seems the platform is getting ready to launch its first fiat-to-cryptocurrency trading pairs.

Speaking at the Open Innovations conference held in Moscow at the start of the week, the CEO of the Binance platform, Changpeng Zhao (CZ) confirmed that fiat options are just around the corner and it will be starting off with the Russian ruble - fitting given the venue of the event.

“We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.”

Until now though, the firm’s main service has only supported crypto-to-crypto trading so this is a big change. That being said, it has launched local fiat gateways in Uganda Singapore, Jersey and in more recent months, the United States. 

Last month, the platform went on record to say that fiat payments were on their way for over-the-counter (OTC) trading - essentially doing deals in bulk. His comments from this week though seem to suggest general trading on the platform which will also support the new options.

As reported by CoinDesk, Binance also announced “a new token pegged to the value of the bitcoin cash (BCH) cryptocurrency has been listed on its decentralized exchange, Binance DEX. Binance said its “BCH-1FD” token would bring more options for DEX users.”

Changpeng Zhao said:

“The BCH community is one of the strongest crypto communities, and we’re excited to onboard BCH token onto Binance Chain. The BEP-2 BCH token will be pegged to the native BCH asset. BCH holders can enjoy the seamless token swap experience on Binance.com and non-custodian trading on Binance DEX. ”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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