Binance added five new fiat currencies in Latin America to support P2P payments in that region. The P2P platform works with zero fees and will support Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN) and Peruvian Sol (PEN).
Seeking Opportunities in Latin America
Binance expands its operation in Latin America by integrating more fiat currencies in the region. Accepting fiat currencies from users in big countries like Brazil and Columbia alongside other major ones in Latin America means more users will be encouraged to join Binance platform.
Users in Binance P2P platform can now buy and sell major cryptocurrencies like BTC, ETH, USDT, and BUSD using five new fiat currencies of Latin America. There will be no transaction fee for those P2P trades.
Changpeng Zhao, CEO of Binance, is one of the significant believers in the cryptocurrency ecosystem and tries hard to expand his company’s presence in more countries around the world.
“Latin America is one of the most active regions for cryptocurrency trading, and peer-to-peer trading is widely used in the Latin American community, To better serve our users’ large demand for crypto, we are offering an open marketplace with the best P2P trading experience”, he said about the new announcement.
Users can take benefit of other Binance services after joining the P2P platform and buying cryptocurrencies with fiat money. Binance also offers an escrow service to deliver %100 of bought crypto to users’ wallets. They can later use the cryptos to trade in the margin, spot, and even futures tradings in Binance.com exchange.
P2P Platform Solution
Binance P2P or Peer-to-Peer platform offers fiat to crypto trades. It was launched in October 2019 and now with adding five new Latin currencies, supports 11 fiat currencies around the world. Right now, more than 100 merchants collaborate with this P2P platform, and the company looks forward to adding as more partners as possible. It experienced more than %140 million P2P trades in the first two weeks of March 2020 amid coronavirus outbreak and global economic uncertainty.