Binance introduces the possibility of making exchanges on its platform using the local currency of Mexico, Colombia, Brazil, Peru, and Argentina.
A new update on Binance’s P2P (peer-to-peer) platform will allow the buying and selling of cryptocurrencies with at least 5 new types of fiat coins. The countries that will benefit from this incorporation are Mexico, Argentina, Colombia, Peru, and Brazil according to what the platform announced on its official website.
Since last Wednesday, March 18th, Binance enabled the possibility of using Mexican, Argentine or Colombian pesos; Peruvian soles; and Brazilian reals for the purchase of any of the available cryptocurrencies. Now, Latin Americans in these countries can use their local currency to acquire Bitcoin, Binance Coin, Tether, Binance USD, and Ether.
The statement emphasizes that all transactions made with these fiat currencies on Binance’s P2P platform will have zero commission. Besides, Binance mentioned it offers many services for its users in these countries.
This exchange also pointed out that this new alternative will allow those interested in cryptocurrencies to buy what they want with their local currencies, as well as it will allow customers to be able to plan their exchanges using what is most convenient for them.
Binance specified some of the virtues of the P2P platform. In this way, the company discussed that users now can select the different exchange rates, as well as the merchant with whom they wish to make the exchange.
In a recent interview with Changpeng Zhao, who is CEO of Binance, he recognized the importance of the Latin American crypto market. He assured that they closely monitor the growth and adoption of cryptocurrencies in that region. The emergence of new business models in these countries may be attracting potential investors and large companies that are interested in cryptocurrencies.
Zhao said that these countries have increased their interest in this technology. This is why Binance is making significant efforts to provide better services for them.
“Latin America is one of the most active regions for cryptocurrency trading, and peer-to-peer trading is widely used in the Latin American community. To better serve users’ large demand for crypto, we are offering an open marketplace with the best P2P trading experience”, the executive said.
The World Economic Crisis and The Current Crypto Currency Market
Zhao also talked about the current cryptocurrency market situation. When asked about the impact that could generate the global economic crisis caused after the recently declared pandemic disease, Covid-19, the executive mentioned that the risk has been growing during March 2020.
According to Zhao, Binance experienced broad growth in the first two weeks of the month, reaching more than USD 100 million in exchanges on its platform. Hence, cryptocurrencies “continue to be a favorable asset with great potential use despite their price volatility”, he noted.
In recent years, Latin America has had great growth in terms of the use of crypto assets. That region has covered an important cryptocurrency market that is usually provided thanks to methods such as the P2P platform offered by Binance or other platforms such as Localbitcoins, Localcryptos or Cryptoway.
However, Binance is seeking to capture the attention of the different markets on the continent. Thus, in the words of Josh Goodbody, Director of Growth and Institutional Business of Binance for Latin America, there is more work to do.
Goodbody ensures: “We understand that each country requires a different approach and requirements, but as cryptocurrency markets mature, Binance will extend its presence in the region looking to expand further”.
With the launch of this new form of exchange with extensive currency management, Binance hopes to have a better acceptance from users in Latin America.
By María Rodríguez