Posted 1 year ago | by Ben Armstrong
Binance Launches P2P Trades for Indian Rupee and Indonesian Rupiah
Major cryptocurrency exchange Binance continues global push with its presence in two major markets, India and Indonesia. The exchange announced on this week that users are now able to trade cryptocurrencies on a peer-to-peer (P2P) basis in Indian Rupees (INR) and Indonesian Rupiah (IDR).
The fiat currencies will be able to buy Bitcoin (BTC), Ether (ETH), Tether (USDT) Binance Coin (BNB) and Binance Dollar (BUSD) via the platform’s site and mobile app. Binance had already begun to pave the way towards extending its services to India's 1.3 billion people, and making cryptos available to the masses.
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Binance is Opening up the Markets
In November 2019, Binanceacquired a well-known Indian crypto exchange, WazirX, which allowed Indian users to place orders directly on Binance’s flagship platform to purchase USDT against INR.
In mid-2018, when the Reserve Bank of India’s (RBI) controversial ban on banks' dealings with crypto-related firms was still in force, WazirX had to transform its business model into a P2P platform to avoid in-house crypto-fiat conversion.
Meanwhile, Binance's educational arm, Binance Academy, was officially rolled out in a Bahasa Indonesia version in February 2019.
Binance CEO Changpeng Zhao "CZ", commented on the announcement:
“India and Indonesia are two of the largest emerging markets with tremendous potential in crypto adoption, and we are pleased to empower the massive population with easy-to-use crypto access.”
A Wide Market for Cryptos
Binance's P2P trading supports 20 national fiat currencies and is designed for consumer-to-consumer as well as business-to-consumer use.
Also, the exchange stated that over 200 P2P merchants worldwide are now using the platform, where they can access merchant-tailored tools, such as zero fees on security deposits and targeted customer support to get more out of their existing networks.
CZ told media that the exchange is prioritizing work with domestic exchanges, “that have existing banking relationships, which enable them to accept trading in local fiat currencies.”
This spring, Binance, and WazirX announced the launch of a $50 million fund, which aimed to develop blockchain in India.
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