Binance, a leading global crypto exchange, has extended its fiat support to add five more currencies.
Announced on Friday, the exchange giant has added the fiat currencies of Colombia, South Korea, Kenya, Kazakhstan, and Peru. Traders from the countries can directly deposit their local fiats using credit or debit cards.
This came as a part of the exchange’s push to add over 180 fiat currencies by the end of this year.
The announcement also detailed that the exchange will list four cryptocurrencies – Bitcoin, Ethereum, Binance Coin, and Ripple – and two stablecoins – Tether and BUSD – against the newly added fiat currencies.
The expanding fiat markets
Established as a crypto-to-crypto spot exchange, Binance is spreading its wings into every possible crypto-related business. The exchange added its crypto-fiat trading pair last year and now lists a number of fiat-based pairs on Binance.com along with a number of its subsidiaries.
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The exchange is also entering new markets by making acquisitions – late last year, Binance acquired WazirX, thus making an entry into the lucrative Indian crypto market.
It is even planning to open a local exchange in South Korea following its acquisition of BxB.
Meanwhile, on its primary platform – Binance.com – the exchange has added several fiats markets, including euro, Russian ruble, and Turkish lira. The exchange also offers peer-to-peer crypto trading services with Chinese yuan, along with a few other fiats.
Apart from the exchange business, Binance is also planning to dive into the crypto mining industry by launching a mining pool.
Binance also made headlines recently followings its $400 million acquisition of Coinmarketcap.com, the largest-ever deal in the crypto industry.