- Binance crypto exchange announced the second fiat currency on their peer-to-peer (P2P) platform on Monday, January 20, 2020.
- The Vietnamese Dong (VND) was added to Binance P2P platform allowing users to buy and sell four major cryptocurrencies.
In an official announcement released on Monday by Binance, the largest crypto exchange in trade volume, users of their P2P platform will be able to buy and sell Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and its own native Binance Coin (BNB) from peers.
The fiat currency becomes the second to join the platform after the Chinese Yuan (CNY).
A growing fiat-to crypto market
Binance has been on the forefront of setting up fiat-to-crypto gateways across the world and the launch of its Binance P2P platform is an exhibition of its efforts. At the moment, only two countries have access to their P2P platform, China and Vietnam. However, plans are underway to increase the number of countries on the platform. On the launch of the Vietnamese Dong (VND) pair, the CEO of Binance, Chengpeng Zhao, said,
“We are pleased to introduce fiat-to-crypto P2P trading services to Vietnamese users to flexibly trade cryptocurrency at low costs.”
The set goal is to add over 180 fiat currency pairs to its platforms in a bid to boost crypto adoption and its market dominance in the coming years.
While the Malta based exchange faces possible troubles in the EU given the implementation of the AMLD5 directive, CZ believes the exchange will continue to offer crypto services long into the future. The growth of Vietnam as a blockchain hub offers an option in case regulation takes a wild turn in Malta. CZ said,
“Vietnam has enormous economic growth potential, a vibrant entrepreneurship landscape, and wide cryptocurrency acceptance, making it the next global blockchain hub.”