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The team at Binance have had a super busy weekend and have rolled out three new updates to the options available to their traders.
The first of these new updates was announced on Friday and comes in the form of the expansion of their P2P trading service. The service, which connects real-life buyers and sellers of crypto assets as opposed to having to buy them from a third-party crypto exchange in a way reminiscent of LocalBitcoins, has been available since as far back as October 2019. It was previously limited to Binance’s mobile counterpart, but this has now changed and it is now available for traders to use on the desktop exchange too.
The service was already immensely popular on mobile indicated by more than $300 million in trades over the course of the 6 months it has been available. This is no surprise owing to the heightened benefits that using this service offers traders. There are zero transaction fees when you use the service, the possibility to earn as much as $3,000-$4,000 when a seller becomes part of the Binance P2P Global Merchants Program, and VIP discounts. While on the P2P service itself, BTC, ETH, BNB, BUSD, and USDT, can be traded with fiat currencies including Chinese yuan (CNY), Vietnamese dong (VND), and Russian ruble (RUB).
Therefore, the possibility to use this on desktop will be welcomed by users who have been waiting for the service to become accessible to them. Changpeng Zhao, the CEO of Binance, provided some background on the service and their hopes going forward. “P2P trading is a more flexible model for fiat-to-crypto trading and allows users to choose their preferred cryptocurrencies, amount, and payment methods. We see its potential to accelerate crypto access and adoption in a decentralized way. By the end of 2020, we plan to provide Binance P2P trading services to users in over 30 countries.”
One of the tokens we mentioned above was the BUSD, Binance’s own dollar-pegged stablecoin, went live last year. This was the most recently added token to the P2P service and has also seen gradual implementation at other platforms too. Now, there is even more reason to get involved in the token, thanks to the new lending program that can see you earn 15% interest when you invest in it.
The service which promises to boost traders’ yields can be easily subscribed to in just 2 simple steps. The first is to convert your fiat money into BUSD by signing up, buying crypto, and then choosing the amount you want to convert. After this, you just need to subscribe to the lending product and you will good to go and will be able to start earning this interest. It is as simple as that.
The final piece of news to come from Bithe nance camp last night was the news of integration with Akbank, which has thus become the first bank to integrate with the platform. Clients of the Turkish bank will now be able to deposit and withdraw instantly directly to their bank account with the Turkish Lira which Binance added support to also in November, 2019.
“As part of our mission to continue working on increasing
the freedom of money worldwide and notably in a country that is fast-adopting
digital assets, we are expanding the available options to lower the barrier to
entry,” said CZ (Changpeng Zhao), Binance CEO. “As the industry scales with our
products and services that grow in tandem, the availability and process of
investing, exchanging and trading crypto will become more and more seamless.”
As such, it might be the first but it is unlikely to be the last bank to integrate with Binance.