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Cryptocurrency exchange Binance has added support for the Nigerian Naira (NGN) on its peer-to-peer (P2P) platform, Cointelegraph reported.
Binance P2P can now trade major cryptocurrencies including Bitcoin (BTC) using NGN with zero transaction fees starting March 4. The NGN integration will also allow users in Nigeria to buy and sell cryptos including Bitcoin (BTC), Ether (ETH) and major stablecoin Tether (USDT) using the P2P platform.
Binance CEO Changpeng “CZ” Zhao said that customers can also post trade ads using the merchant platform.
“We are also providing an unique opportunity for users to become P2P Merchants where they can post trade ads and earn money, estimated to be a few thousand dollars USD equivalent per month, while providing cryptocurrency access for their communities,” said CZ.
Binance will be introducing its P2P trading service to more countries in Africa calling it a “blockchain continent.” The CEO added that cryptocurrency powers the people in the region and help them carry basic financial operations.
“We no longer need to bank the unbanked. We can empower them with cryptocurrency financial services directly. Nigeria is a vibrant innovation hub with great passion for cryptocurrencies [...] We strive to provide the easiest cryptocurrency access and best trading service for the African community, and P2P trading is a more flexible approach, giving users the freedom to choose their payment methods and counterparty in a trade,” CZ added.
Before supporting the Nigerian Naira, Binance has already added support for Russian Ruble (RUB) and Vietnamese Dong (VND). Early this year, CZ shares that one of the company’s key goals this year is to “bring the crypto to the masses.” They also plan to enable the fiat-to-crypto trading for 180+ fiat currencies.
“Binance is committed to providing our global users with more convenient fiat getaways and easy access to cryptocurrency, and our P2P service aims lower the barriers to entry to the crypto world. We are pleased to introduce fiat-to-crypto P2P trading services to Vietnamese users to flexibly trade cryptocurrency at low costs,” Zhao said.
