Leading crypto exchange Binance has partnered with Banxa, a global fiat solutions provider, to add British pound faster payments services (FPS) and Australian dollar on-ramp services.
Announced on Wednesday, this will allow the traders on the Malta-registered exchange to directly purchase digital currencies on Binance.com with three fiats – British pound, euro, and Australian dollar. In addition, the FPS service will ensure prompt transactions with GBP.
“Banxa allows crypto exchanges, wallets, and other crypto platforms to offer instant fiat to crypto conversions,” said Holger Arians, chief executive at Banxa. “With only one integration, our partners benefit from both local and global payment options while Banxa takes care of all regulation, compliance, and chargebacks. We are very delighted to welcome Binance into our growing ecosystem of partners and look forward to working closely with the team at Binance.”
Targeting the fiat markets
Though Binance introduced fiat-based trading in Europe last year, it was via its subsidiary Binance Jersey. The platform allows its European customers to trade crypto with pound and euro. However, the recent introduction of the fiat-based services on its primary platform will offer a wide array of trading options.
Launched in 2017, right during the boom in the industry, Binance established itself as a crypto-to-crypto trading platform and is now focusing on entering into the lucrative fiat-based markets.
“We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto. In 2020, we aim to add support for all 180 fiat currencies,” Changpeng Zhao, founder and CEO of the exchange, said in a statement.
“Banxa is a partner who shares our mission of making cryptocurrency accessible to people around the world.”