Binance, one of the world’s leading crypto exchanges, announced on Tuesday the addition of the Russian ruble on its peer-to-peer (P2P) platform.
The P2P platform will allow Binance users to purchase services of Tether, Bitcoin, Ethereum, and Binance Coin with the newly added fiat.
Commenting on the development, Changpeng Zhao, founder and CEO of the exchange, said: “Russia is a vibrant market for blockchain and crypto advancement. We strive to provide our Russian users with easy fiat-to-crypto access. P2P trading provides an open marketplace and more flexible access for users to trade multiple cryptocurrencies with other users or merchants in the payment methods they prefer.”
The Malta-registered exchange launched its P2P platform last October and is targeting Chinese traders who do not have access to centralized crypto exchanges.
“Via the Binance P2P trading platform, our users can enjoy instant and secure trades with zero transaction fees and 24-hour customer support,” Zhao added.
High hopes with fiats
This comes as a part of the exchange’s bigger ambition of adding more than 180 fiats across its several platforms.
Binance is already one of the leading global crypto exchanges both in terms of trading volume and user base and handles over a billion worth of trades each day on its primary platform. The exchange is also expanding its wings on untapped markets with acquisitions and partnerships. To date, it has already added 24 fiats across its different platforms.
Meanwhile, the ambition of the platform to become a fiat-based trading leader can also be seen with the recent appointment of former TradingView COO Iskander Malikov, who will be responsible for expanding fiat-based services in Europe and the Commonwealth of Independent States (CIS).