The world’s largest exchange, Binance, continues to expand its range of fiat currencies (FIAT) for cryptocurrency trading within the platform. This time, since October 2nd, the Guaraníes (official currency of Paraguay) and Boliviano (official currency of Bolivia) have been added according to the platform’s official statement.
The inclusion of these two new currencies represents a major expansion in the Latin American market. Countries like Venezuela, Argentina, Brazil, Colombia, Chile, Mexico, Peru and Uruguay have already been added to the Binance P2P platform.
In this way, markets in Latin America offer a great alternative not only for buying cryptocurrencies, but also for trading a wider range of listed currencies. So far, platforms like Satoshitango, Buda, Localbitcoins, to name a few, are the most commonly used for the exchange of P2P cryptocurrencies in the region.
In this extension that Binance is doing, you can buy BTC, ETH, USDT, BNB, BUSD and EOS without paying commissions directly on the platform. The press release also shows that they are currently looking for dealers who have a “stable reserve of cryptocurrencies and BOB / PYG. In addition to the benefits of peer-to-peer trading, Binance P2P merchants receive VIP discounts, no transaction and ad fees, and exclusive customer support.”.
This is another step forward to further conquer the market in Latin America, as the economic situation in the region is known to create little trust in local currencies and therefore the use of cryptocurrencies as reserves of value has increased and with it the high transaction volume in Latin America.
Strong exchange controls, inflation, lack of confidence in traditional financial products leading to profitability that allows inflation to be saved or beaten are some of the reasons Latinos mainly use cryptos.
Although the economic situation does not allow them to use large amounts of cryptocurrencies, the truth is that they use them in versatile ways and in many cases great benefits like paying in stores, paying for services and many other benefits than just cryptocurrencies experienced offer in the region.
Binance estimates it will hit 180 fiat currencies on its P2P trading platform this yearThis means that new currency expansions will take place in Latin America to further expand the trading spectrum.
The company realized that using this type of trading will increase their profits in interesting ways. The logic is simple, one of the largest exchanges in the world for its trading volume and users. It enables users not to be bound by it. Depositing cryptocurrencies from another site where transaction fees are not always the best option.
The appearance of a direct purchase on the platform in local currency makes it possible to accept unexplored markets such as Bolivia and Paraguay by companies more quickly, as the citizens of these countries do not have to rely on an off-site wallet to deposit their money. This direct purchase modality on the cryptocurrency platform also aims to promote other services offered by Binance, such as: B. staking out flexible or blocked mining pools and other services offered by the platform.
At the time of this writing, there have been no offers for P2P transactions in guarantees, but in Boliviano when buying and selling Bitcoin (BTC) and Tether (USDT). Since this is a relatively new inclusion, we’ll have to wait for the past few days to see if Paraguayans are encouraged to use the Binance platform for the commission-free P2P exchanges offered by the company.