Leading cryptocurrency exchange Binance has long been known for its service-leading product offering crypto-to-crypto trading pairs on its exchange for more than 2 years now since its launch. However, this is about to change as the exchange seeks to push for cryptocurrency adoption. In about two weeks, Binance.com is scheduled to launch a fiat-to-crypto pair starting with the Russian currency the Ruble.
Binance’s CEO Changpeng Zhao (CZ) announced the development in Russia on Monday during the government-sponsored Open Innovations Forum in Moscow. According to a video shared on Twitter by Binance on Monday, CZ said,
“In about two weeks or so, we should have support for Russian rubles trading directly. So you can buy cryptocurrencies on Binance.com using rubles.”
Binance has so far opened four indecent local exchanges in Uganda, Jersey, Singapore and most recently the United States in order to support the fiat-to-crypto onboarding. These exchanges are separate from the main Binance.com platform which has so far not supported a fiat onramp.
Last month, Binance co-founder He Yi, said at a media session during the Shanghai Blockchain Week that the exchange was gearing up to bring fiat payments for its OTC trading desk. It seems the product is being rolled out to the Binance.com spot trading platform as well.
The Russian ruble will not be the only one to be supported on the Binance exchange it seems. Just last week on Wednesday October 16th, the exchange added support for the Euro (EUR) and the British Pound (GBP) pairs to its Application Programming Interface (API). Binance did not make a formal announcement on the same, however.
On Monday, Binance made another announcement on the launch of the Bitcoin Cash-pegged token on its native blockchain Binance Chain. Dubbed the BCH-1FD, the newly launched tokens will be available for trading on the Binance DEX backed by an equivalent value of the Bitcoin Cash [BCH] reserve. The new tokens are based on BEP2 standard and add to the two initially launched crypto-pegged tokens BTCB - a BTC-pegged stable coin - and another pegged to the value of Ripple’s XRP token.
“The BCH community is one of the strongest crypto communities, and we’re excited to onboard BCH token onto Binance Chain,” CZ said in a statement. “The BEP-2 BCH token will be pegged to the native BCH asset. BCH holders can enjoy the seamless token swap experience on Binance.com and non-custodian trading on Binance DEX.”