Binance announced on Tuesday its partnership with Satang Corporation, a regulated crypto exchange in Thailand, to enable Thai baht deposit and withdrawal channels on its primary platform.
The services with fiat are based on the local exchange’s API portal technology, which was launched recently. The partnership will even allow the clients of Satang to transfer their digital asset holdings directly into the Malta-registered exchange.
— Binance (@binance) January 8, 2020
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Commenting on the partnership, Poramin Insom, co-founder and chief executive of Satang, said: “We are proud to collaborate with Binance in bringing digital assets to the masses in Thailand and moving Thailand’s Digital Economy forward. This marks a remarkable development in Thailand’s digital asset ecosystem and focuses on the technology powering the space, not just as an alternative to fiat currency.”
From crypto to fiat
Binance is one of the largest global crypto exchanges both in terms of trade volume and users. Per Coinmarketcap.com, the primary exchange platform – Binance.com – has handled over $1.6 billion in crypto trades in the last 24 hours.
The recent partnership comes at a time when the CEO of the global exchange, Changpeng “CZ” Zhao, is aiming to enable trading with over 180 fiats by the end of this year. To gain easy access to local fiat-based markets, the exchange is focusing on acquisition and partnerships – it acquired Indian crypto exchange WazirX in November while partnered with a local entity to form Binance US.
Though started as a crypto-to-crypto exchange, it now also supports crypto trading against 21 fiat currencies.
Meanwhile, Binance is also focusing on its alternative crypto trading platforms, including its derivatives platform, and recently launched XRP-based perpetual contracts.
The exchange recently received approval from the New York State Department of Financial Services (NYDFS) for its USD-pegged stablecoin, Finance Magnates reported.