Encoded main currency exchange Binance added support to Australian Dollar (AUD) and Thai Baht.
Binance announced its support for national currencies in separate releases on January 7. Thai Digital Exchange Satang Corporation will process Thai Baht remittances, while Australian Dollar transfers will be facilitated by Banxa, a company specializing in internationally compatible fiat-to-crypto gates.
Satang processing service for Satang is integrated into Binance trading platform through the newly launched API that allows users to deposit and withdraw baht directly to their account. Satang CEO and co-founder Poramin Insom said the cooperation will help to adopt digital assets in Thailand.
Binance indicated that its partnership with Banxa also allows its users to access faster Fiat transfers in Australian dollars, euros and British pounds. Approved payment methods include bank transfers, billing payments, retail, and credit cards. Banxa Holger Arians CEO indicated that the service “also cares about all regulations, compliance and redemption amounts”.
Binance Changpeng Zhao CEO said he believed the partnership would be beneficial given the spread of fiat currencies and the need for ways to move from fiat to crypto:
“We believe that Fiat will coexist with cryptography for a long time to come. More than 99.9% of the global money supply is still in a difficult position and we need to continue building bridges to enable easy flow to cryptography. In 2020, we aim to add support to all Fiat 180 currencies.” .
Fiat data integration efforts
Binance, the second largest cryptocurrency exchange in terms of trading volume over a 24-hour period, is actively adding more banknotes to its program. Earlier this month, the exchange also announced that it would offer euro trading against six cryptocurrencies.
In late December, Binance began allowing users to purchase encryption directly through Visa credit and debit cards after adding support for the Japanese yen and Canadian dollar earlier this month.