Leading global cryptocurrency exchange, Binance has announced the launch of a new trading initiative on April 14. In its official blog, it mentioned that the new initiative would cater specifically to its Indian and Indonesian customers.
Reportedly, Binance will now allow support for peer-to-peer (P2P) trading for Indian Rupees (INR) and Indonesian Rupiah (IDR). Therefore, users of these two strong emerging markets can now buy and sell BTC, ETH, BNB, USDT, and BUSD. Besides, these transactions would attract zero transaction fees on the official website or the mobile app.
With this latest addition of INR and IDR, Binance will now be accepting 20 fiat currencies on its P2P trading platform. At present, more than 200 P2P merchants from all over the world offer liquidity in the marketplace. And, reportedly P2P trades can engineer up to $100,000 in monthly profit.
Changpeng Zhao (CZ), Binance CEO commented on the development. He said: “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.”
He added saying: “On Binance.com, we offer our users various fiat-to-crypto access, and P2P trading is a simple approach for users to buy and sell crypto in multiple payment methods. Moreover, users can earn profits from trading cryptocurrencies with other users or verified merchants on the Binance P2P trading platform.”
About Binance P2P
Incidentally, last year, the crypto exchange had launched its P2P services with Chinese yuan. This resulted in facilitating lucrative trade for Chinese users who were without access to centralized exchanges.
The P2P medium aims to provide easy access to cryptocurrency through a consumer-to-consumer (C2C) or business-to-consumer (B2C) model. Moreover, users can enjoy a better trading experience in the P2P market.
To remind, Binance recently entered the South Korean market, through the launch of a new exchange Binance KR. The exchange also had a tie-up with Streamr to enable users access to real-time trade feeds on its permissionless Marketplace. And earlier this month, it announced the highly publicized acquisition of top crypto data site, CoinMarketCap.