Binance platform is all set to add Alipay and Wechat pay to its fiat gateway.
Good News For Chinese Traders
The announcement came through a screenshot posted by BitDeer Founder, Haiyi(Celine) Lu in which the Binance Founder, CZ was tagged. Interestingly, the latter responded with a “YES”.
The initiative is currently in a testing phase for Android users and will eventually be fully rolled out on iOS and Web. WeChat Pay and AliPay became two of the most popular payment processors for crypto traders after the Chinese regulators announced a ban on running crypto exchanges and trading platforms.
This then prompted investors to continue trading without an exchange by using peer-to-peer trading platforms like LocalBitcoins.
Binance Launches P2P Trading Against Chinese Yuan
In another announcement, Binance has launched P2P trading functionality with Bitcoin(BTC), Ethereum(ETH) and Tether(USDT) available for trading against CNY (Chinese Yuan). Presently, access to P2P trading will be initially provided to Android users (Version: 1.12.1) that have Binance accounts registered for over 30 days.
P2P(also known as peer-to-peer) trading is a trading style in which two parties interact or trade directly with each other. In this case, parties directly engage with one another to buy or sell cryptocurrency.
Also, recently Binance released a mobile application and an android version for its respective staking and lending platforms. The application will be beneficial for Future traders as they can trade with just the tap of a button.
Binance On A Developmental Spree
Binance has been ongoingly announcing developments after developments. Between the second and third quarters of this year, the crypto exchange launched platforms for staking, lending, and futures contracts. It also made significant expansions to many other regions by developing subsidiaries like Binance U.S.
What will be Binance’s next development initiative? How profitable will it for the Chinese traders? Let us know what you think in the comments below!
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.