Binance Prepares for Russian Ruble Fiat On-Ramp
Binance is constantly expanding its services, to offset the shifting climate of crypto markets.
Binance is preparing to offer a fiat on-ramp to Russian traders, adopting a Russian ruble payment gateway. The news was announced by Changpeng “CZ” Zhao, during a crypto conference in Moscow.
Binance has already facilitated fiat-to-crypto switches through its OTC platform, which is targeted to Chinese buyers. Zhao announced that the market will add support for fiat trading, possibly even outside the OTC platform. The trading may be ready in two weeks, Zhao announced. Currently, Binance is not using fiat in its pairings, but only stablecoins based on the US dollar or the British pound.
The addition of new regions is a bid to see traders returning to exchanges. Russia is one of the most active crypto-based regions, but some traders may see problems securing banking services for regular exchanges. Fiat trading has become more limited for cryptocurrencies, but it is still a gateway to new adoption.
The Binance exchange attempts to expand its products, to offset the slower trading of altcoins. With volumes well below $1 billion in 24 hours, Binance has seen a significant slowdown. At the same time, derivative products see much higher activity.
Binance is also expanding its margin trading, this time with Basic Attention Token (BAT).
Binance also announced a general expansion in the crypto space in Asia, as the exchange will participate as a member of the governing council of Kakao’s crypto arm, Klayton.
Klaytn, which already launched the KLAY tokens and the Klaytn mainnet in June, is one of the first crypto enterprises based off a mainstream social media company, the South Korean giant Kakao. While Korea has seen crypto trading slow down, there is still demand for the fintech side of crypto usage.
Binance Coin (BNB) inched up to $18.67, remaining relatively stable. Now, the coin expects the selling session for Kava Network, the latest IEO on the exchange.