Cryptocurrency trade Binance has rolled out peer-to-peer (P2P) crypto buying and selling with 5 new Latin American fiat currencies. Customers of t
Cryptocurrency trade Binance has rolled out peer-to-peer (P2P) crypto buying and selling with 5 new Latin American fiat currencies.
Customers of the Binance P2P buying and selling platform can now purchase and promote cryptocurrency immediately with Brazilian actual (BRL), Argentine peso (ARS), Colombian peso (COP), Mexican peso (MXN) and Peruvian sol (PEN).
Supported cryptocurrencies embody Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance Coin (BNB) and Binance USD (BUSD). The platform has zero transaction charges and makes use of an escrow service to guard person funds.
Latin American area lively in crypto buying and selling
Binance CEO Changpeng Zhao — also called CZ — mentioned that Latin America is likely one of the most lively areas for crypto buying and selling and P2P buying and selling is nicely established there:
“Amidst the present international financial uncertainty, cryptocurrency continues to be a positive asset with nice potential use regardless of its value volatility. […] For the large unbanked inhabitants in Latin America, cryptocurrency is a extra promising monetary asset, and we’re glad to immediately present the monetary entry and repair for them.”
Binance P2P’s fiat-to-crypto growth
In early March, Nigerian naira (NGN) became the primary African fiat forex to commerce on the Binance P2P platform. Binance additionally intends to roll out its P2P buying and selling service to numerous different African international locations this month, with CZ calling Africa a “blockchain continent” the place cryptocurrency can empower bizarre individuals to hitch the monetary world.
The Binance P2P platform added support for the Vietnamese dong (VND), in January of this yr, and Chinese language yuan (CNY), in October 2019.
Highs and lows of different P2P buying and selling platforms
Within the meantime, one other P2P crypto buying and selling trade LocalBitcoins saw a significant decline in BTC buying and selling volumes just lately.
Throughout the week ending on Feb. 22, international BTC buying and selling volumes on LocalBitcoins touched a seven-year low, with simply 3,144 bitcoins traded, or round $28 million on the time, marking the bottom weekly buying and selling quantity since Could 2013.