Binance, one of the heavyweight exchanges in the crypto industry, has been in a constant cycle of development and expansion for some time now. It’s only been two weeks since the company announced the acquisition of CoinMarketCap, a crypto-market aggregator.
Now, however, the exchange hits the news again, announcing that its Peer-to-Peer (P2P) exchange will now have trading support for two fiat currencies: The Indonesian Rupiah (IDR) and the Indian Rupee (INR).
Adding More Fiat
With these two fiats integrated to Binance’s P2P platform, this makes the total fiat currencies supported by the platform to be 20. The exchange platform already holds support for currencies like the Vietnamese Dong (VND) and the Chinese Yuan (CNY), among others.
A New Frontier For Crypto
The incorporation of fiat currency support for both India and Indonesia shows that Binance sees the potential crypto ecosystem in both these nations. India, in particular, has been in the gaze of Binance for some time now. As a testament to this, Binance had acquired WazirX, a decentralized Indian exchange (DEX), just last year.
This acquisition can be seen as a statement of intent from the exchange itself: It wants in on India’s crypto space. The interest in India’s crypto space only grew when the Supreme Court of India managed to declare the Reserve Bank of India (RBI)’s crypto ban to be null and void, allowing all companies within it to use the banking services of the nation.
As one would imagine, Binance wasn’t the only one taking notice of the potential value of India. Another noteworthy crypto exchange, Bithumb, took notice and made it clear that it was considering the establishment of a regulated crypto exchange within the nation. The platform itself is looking for partners within India itself to help jumpstart this platform. OKEx has taken measures to enter the crypto space as well, partnering up with CoinDCX to compete with Binance’s WazirX.
Touted As Greatest Emerging Market
The CEO of Binance, Changpeng “CZ” Zhao, commented on the matter as a whole. According to CZ, Indonesia and India stand as the largest emerging markets in the crypto world, holding tremendous potential for crypto adoption. Thus, it’s evident that CZ explained his pleasure in the ability to empower such a population with crypto access that’s quickly gained.
It seems that India and Indonesia will be the new arena for the crypto industry. It won’t be long before every global player has his fingers in that pie.
