Major crypto exchange Binance has announced that it is adding support for two fiats – the Indonesian Rupiah (IDR), and the Indian Rupee (INR), on its peer-to-peer (P2P) exchange.
The decision to add support for these two fiats is Binance’s way of expanding its business in both countries and also doing its bit for crypto adoption in both places.
The crypto space in India has begun to grow again since the Supreme Court lifted the Reserve Bank of India’s (RBI) ban on cryptocurrencies. In October 2019, Binance acquired the Indian crypto platform WazirX. At the time, Binance CEO Changpeng Zhao said it was evidence of Binance’s commitment to the Indian cryptocurrency and blockchain ecosystem. He also described it as “another step forward in achieving the freedom of money.”
At the moment, Binance P2P supports the Chinese Yuan (CNY), and the Vietnamese Dong (VND), and other assets. The two new currencies are now paired with Bitcoin (BTC), Ether (ETH), USDT, and others.
Earlier this month, Binance announced it had acquired popular crypto data tracking site, CoinMarketCap. Zhao said the acquisition was to ensure growth and transparency in the industry, as well as help “build on each other’s strengths.”
Around the same time, Binance also announced a decision to launch its mining pool sometime in the second quarter of the year.
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