The cryptocurrency exchange Binance incorporated a support of digital assets valued in Australian dollars and Thai blaht. Both currencies will be integrated into the commercial platform available to the fiduciary transfer processing service.
To process the transactions of these assets, the Thai exchange Satang Corporation will be processed, which will process the transfers of Thai baht, while transfers of Australian dollars will be facilitated by Banxa, a company specialized in fiat to crypto gateways.
Binance says that strengthening ties with Co-operation with Banxa brings many benefits to the company. One of them is to allow users faster access to fiat transfers with the Australian dollar, the euro and the pound sterling, in addition to the service of this exchange too. “It is responsible for all regulation, compliance and chargebacks” as indicated Holger Arians, CEO of Banxa.
Assessing the dominance of fiat currencies and the need for means to make transitions from fiat to crypto, Binance believes that “fiat will coexist with cryptocurrencies for a long time. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to allow an easier flow to the crypts. In 2020, we intend to add support for all 180 fiat currencies,” said, Binance CEO, Changpeng Zhao.
Binance has become the second largest cryptocurrency exchange in the world by 24-hour trade volume and within the exchange market it has been consolidated with the active incorporation of fiat currencies. At the end of December, it began to allow its users to buy cryptocurrencies directly through Visa credit and debit cards after adding support for the Japanese yen and the Canadian dollar earlier that month.