Leading cryptocurrency exchange Binance is keeping up with its promise to bring cryptocurrencies and financial freedom to the global population. In the latest development, the Malta-based exchange has launched a peer to peer trading service that supports the Vietnamese local fiat currency – the Dong [VND].
According to an announcement on Monday, January 20th, the exchange stated that users of its platform are now able to trade in four cryptocurrencies including Bitcoin [BTC], Ethereum [ETH], Tether [USDT] and Binance’s native platform token BNB against the VND currency. The VND currency is the second fiat currency to be supported on the recently launched P2P service following the Chinese Yuan which was added last year.
Binance’s CEO Changpeng Zhao (CZ) said in a statement that his exchange is attempting to lower barriers of entry to the digital economy by enabling more fiat onramps.
“Binance is committed to providing our global users with more convenient fiat gateways and easy access to cryptocurrency, and our P2P service aims to lower the barriers to entry to the crypto world. We are pleased to introduce fiat-to-crypto P2P trading services to Vietnamese users to flexibly trade cryptocurrency at low costs,” CZ said adding that “we hope to provide multiple fiat-to-crypto access for our users in over 180 countries and eventually achieve our mission of freedom of money.”
The two fiat currencies may be the only ones available on the P2P service but according to the Monday announcement, there will be more fiat currencies enabled on the platform. The announcement comes only weeks before Binance hosts its annual Blockchain Week and this year, it will be hosted in the Ho Chi Minh City in Vietnam. The conference is scheduled for February 20th through March 4th.
“Binance Blockchain Week Vietnam will consist of a two-day hackathon, an exclusive Binance Charity Poker Tournament and a two-day industry conference convening 2,500 industry leaders and stakeholders.”
Binance is pushing its presence in the Asian region looking to reestablish itself as the platform of choice in jurisdictions such as India and China. The Chinese government is especially not supportive of cryptocurrencies and that includes trading activities. To support the Chinese users, Binance chose to go with the P2P trading platform in order to avoid interacting directly with banks which are barred from conducting business with cryptocurrency affiliated companies.
According to CZ, Vietnam is another potential market for cryptocurrency activities which led to the additional support of the local currency.
“Vietnam has enormous economic growth potential, a vibrant entrepreneurship landscape, and wide cryptocurrency acceptance, making it the next global blockchain hub,” he said.
Trades of VND currency are currently being supported on the mobile Binance interface both on the iOS and Android mobile apps.