Binance, one of the most popular cryptocurrency exchanges in the world, might soon add support for two new fiat-to-crypto conversions.
According to The Block, these two new assets will be the Ukrainian hryvnia (UAH) and the Kazakhstani tenge (KZT) for its recently announced program, which went live on October 24 with the Nigerian naira (NGN). As of that announcement, investors could buy Bitcoin, Binance Coin, and the platform’s stablecoin, BUSD, with their fiat. On top of that, the platform brought in support for the Russian ruble (RUB) this Halloween. This news makes good on Binance’s promise to add support for more currencies as soon as it could.
However, it’s worth noting that support for the original currencies used two different payment providers to make it work. The former, NGN, utilized Flutterwave, a company based in the United States and partnered with Binance. The latter, the ruble, is thanks to AdvCash, a company based in Gibraltar. So, the KZT and UAH would probably use different companies to achieve the same result.
Overall, this news is huge regarding the discussion surrounding cryptocurrency adoption in the mainstream. After all, it can be difficult for potential investors to move their money into digital assets and having fiat conversions available on exchanges like Binance only makes it that much easier for people to get involved.