Binance Adds Russian Ruble to Its P2P Exchange

Binance, one of the world's leading crypto exchanges, announced on Tuesday the addition of the Russian ruble on its peer-to-peer (P2P) platform.

This marks the third fiat currency added on the platform as it already lists services with the Chinese yuan and the Vietnamese dong.

The P2P platform will allow Binance users to purchase services of Tether, Bitcoin, Ethereum, and Binance Coin with the newly added fiat.

Commenting on the development, Changpeng Zhao, founder and CEO of the exchange, said: “Russia is a vibrant market for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and crypto advancement. We strive to provide our Russian users with easy fiat-to-crypto access. P2P trading provides an open marketplace and more flexible access for users to trade multiple Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term with other users or merchants in the payment methods they prefer.”

The Malta-registered exchange launched its P2P platform last October and is targeting Chinese traders who do not have access to centralized crypto exchanges.

“Via the Binance P2P trading platform, our users can enjoy instant and secure trades with zero transaction fees and 24-hour customer support,” Zhao added.

High hopes with fiats

This comes as a part of the exchange’s bigger ambition of adding more than 180 fiats across its several platforms.

Binance is already one of the leading global crypto exchanges both in terms of trading volume and user base and handles over a billion worth of trades each day on its primary platform. The exchange is also expanding its wings on untapped markets with acquisitions and partnerships. To date, it has already added 24 fiats across its different platforms.

Meanwhile, the ambition of the platform to become a fiat-based trading leader can also be seen with the recent appointment of former TradingView COO Iskander Malikov, who will be responsible for expanding fiat-based services in Europe and the Commonwealth of Independent States (CIS).