Binance is among the most popular names when it comes to cryptocurrency exchanges. With a trading volume of $1.35 Billion, Binance is currently the second largest cryptocurrency exchange in the planet. Less than a year old, Binance has proven to be a massive success in the crypto-industry. While it has been known that Binance intends to release fiat trading pairs for quite some time now, it is now official that Euro based fiat trading pairs will be made available before 2018 ends.
Binance CEO Changpeng Zhao confirmed this news to Bloomberg over the phone. Binance has been working towards setting up an infrastructure for fiat-based trading over the past few months. Introducing fiat trading was one of the biggest reasons behind the company moving their base to Malta. Last week, Binance set up a bank account in Malta, which was the first step towards starting off with fiat trading. Zhao also stated that he intends to add support for more currencies in the future.
Binance, which has been a crypto-to-crypto exchange so far, is all set for a major change - as users will now be able to directly purchase cryptocurrencies from the exchange by paying it in Euros. Up until now, users had to purchase currencies elsewhere and transfer it on Binance for trading. However, this will no longer be the case starting later this year.
Interestingly, Binance is not the only major crypto-to-crypto exchange which is making the move towards fiat trading. Popular cryptocurrency exchange Bittrex, which has also been a crypto-to-crypto exchange so far, looks forward to moving towards fiat trading soon.
While on a call with Bloomberg, Changpeng Zhao added that Binance is working towards getting a license from Jersey in the Channel Islands, where the company intends to set up an office an employ as many as 100 people. Moreover, Binance has also been in talks with authorities in Taiwan. The company has been working towards an aggressive international expansion strategy of late - and it looks like it is all set to pay dividends over the next few months.
Binance Introduces TRX/USDT Pair
While Zhao assured the world that Binance is indeed making major progress towards introducing fiat-based trading with Euro pairs, another trading pair was added on the platform - TRX/USDT. This announcement from Binance comes just at the time as Tron (TRX) prepares for a mainnet launch where it will move away from the Ethereum blockchain into its own, independent blockchain - an event that Tron enthusiasts have been calling ‘independence day’. Binance stated:
“Binance will support the Tron (TRX) Mainnet Token Swap and will suspend withdrawals for Tron (TRX) starting from 2018/06/24 0:00 AM (UTC). Binance will handle all technical requirements involved for all users holding TRX,”
The introduction of the TRX/USDT pair gives users yet another option to purchase Tron - as they can now pay in USDT. Almost all the major cryptocurrency exchanges in the world have supported Tron’s mainnet swap - including the likes of Binance, Huobi, Bittrex, OKEx Bithumb, Bitfinex and Zebpay among many others. It would be interesting to see how the mainnet launch affects the price of the TRX cryptocurrency.