Cryptocurrency exchange Binance will soon launch its first fiat to cryptocurrency trading pairs. This was revealed by Binance CEO Changpeng “CZ” Zhao at the Open innovations conference 2019 in Moscow. The exchange, which is the largest in the world at the moment, had been offering only crypto to crypto exchange pairs to its users. Users will now also get to trade fiat to crypto currencies as well. This is according to the firm’s CEO who said that the first fiat to be paired with the crypto would be the Russian Ruble.
We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.”
Though Binance had only been offering crypto to crypto exchange pairs through its primary service binance.com, it has launched local fiat gateways in Uganda, Singapore, Jersey and, most recently the U.S. Binance had announced last month that fiat over-the-counter payments were coming. The announcement by Binance CEO indicates that the general trade at the exchange will also include support of the two new options.
Also announced by the exchange on Monday, was 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.
Russia has come a long way in crypto adoption and regulation. Big strides were made back in April when an important bill drafted by the Economy ministry was passed. The bill stipulated that crypto sandbox trials would be closely monitored and that crypto users would be free from prosecution. The passing of the bill was labeled as the most crypto progressive moment ever in the country. Fast forward to today, it seems like Russia’s uncertain and hostile attitude towards crypto has changed. The fact that the Russian Ruble will now be involved in crypto pairs means that the country is slowly but surely warming up to cryptos.
Image Courtesy of the Moscow Times