Binance CEO Changpeng “CZ” Zhao has revealed the key fiat currencies he plans to add. Is your country’s currency on the list?
Binance is one of the world’s most successful cryptocurrency exchanges, but until now it has only offered limited access to fiat currencies.
Binance.com currently supports the Euro (EUR), Nigerian naira (NGN) and Russian ruble (RUB), Ukrainian hryvnia (UAH) and Kazakhstani tenge (KZT).
It has also opened local fiat gateways in countries including the US, Uganda, Singapore, and Jersey – and you can use a debit card or credit card if you can stomach the thought of paying 2.5-3.5% in fees.
CZ told the recent Binance meetup in Singapore he intended to focus his efforts in the next six to nine months on adding “those other 180” fiat currencies.
So which ones will be added next?
OK, let’s revise that to maybe 30
Speaking to Micky in Singapore (see video above) CZ conceded it was a big job to add even a single fiat currency and that he’d be happy enough to get between 10-30 new fiat currencies on the exchange by mid-2020.
“That’s a tough one,” he said. “I think if we got like say 10, 20, 30 of the major ones we’d probably cover a very large area [of the world]
“So I think we’ll focus on getting the first 20, that’s the key and then after that we should have also learned +6the expertise on how to do that.”
CZ said they’d already got some of the major currencies they wanted, onboarding US dollars, Chinese RMB and Russian Roubles and the key markets next wou
As for the key fiat currencies being targeted next?
“Some of the markets like Turkish Lira, Vietnam, Korea, Japan – all of these are very key markets so we’re looking at those actively,” he said.
CZ said Binance Australia, which will presumably offer AUD, is also under active consideration but may be some time off.
“We are looking at different options to turn on Binance Australia,” he said.
“It may not be this year so hopefully early next year sometime we will turn it on.”
Micky’s interview occurred before CZ threatened to rain down hellfire on The Block, so we didn’t have the opportunity to ask him about it.
He’s made his feelings pretty clear about it on Twitter though.
The future for Binance and Bakkt is bright, CZ says
CZ is predicting a big future for Binance Futures which already has a higher volume than the spot market.
“There’s a number of features we haven’t put in yet,” he said, citing additional contracts and a mobile app, “So we expect the volume to grow even higher.”
CZ said that while Binance is also targeting institutional investors for its futures markets, he didn’t see the more “US-centric” Bakkt as a competitor.
“I also have very high hopes for Bakkt and I think that they’re growing,” he said.
“I think they make the cake bigger … for our industry. And they access a lot of clients we couldn’t access today.
“So I really hope they continue to grow.”
Good news, @CityofAdelaide!🇦🇺🦘
— TravelbyBit (@TravelbyBit) November 21, 2019
Paving the streets of Adelaide with BNB
Binance is involved in setting up Adelaide’s “crypto street” with its local partner TravelByBit installing up to 20 crypto payment gateways in Rundle Street/mall.
Talking about the South Australian project, CZ revealed he’s never been to Australia but he’d heard good things from the Binance representatives who had been.
“From all the feedback I’ve got, Steven is a really cool guy,” he said, referring to SA Premier Steven Marshall.