Noted cryptocurrency exchange Binance is once again making strides and expanding its diverse market. Binance’s CEO, Changpeng Zhao, hinted on Twitter that the exchange’s services would be expanded to Argentina.
CZ, as he is known in the crypto space, also highlighted that the brand-new exchange will primarily allow fiat-to-crypto trading. His tweet read,
“Guess where we will have a new fiat-to-crypto exchange?😎”
The tweet was in response to an article which reported that the Argentinian government would match Binance Labs, peso for peso, in its development of blockchain and cryptocurrency-related projects. Argentina’s Ministry of Production and Labour’s Accelerator Program offered a $50,000 grant for every project Binance Labs invested in.
Given the South American country’s embrace of cryptocurrencies, Binance has moved in at the right time. The country has 260 merchants that accept crypto-payments, 190 of them in Buenos Aries, confirmed the exchange. Argentina also has eight Bitcoin [BTC] ATMs in operation. Furthermore, Binance Labs will also host a 10-week incubator program in the capital for start-ups involved in the blockchain space.
Binance’s new fiat-to-cryptocurrency exchange is predicted to give a huge impetus for the exchange in the South American market. The Argentinian exchange would mimic several efforts of the exchange to set up crypto-trading in markets with weak financial infrastructure.
In October 2018, Binance launched their Ugandan fiat-to-crypto exchange, an effort to herald in a wave of financial inclusion in the debilitating economics of Africa. Following interest shown by the Ugandan government, Binance launched their Ugandan exchange, which allowed users to trade the Ugandan Shilling [UGX] for Bitcoin and Ethereum [ETH] initially.
Similar strides have also been made in Liechtenstein, where Binance launched a fiat-to-crypto exchange with the Liechtenstein Cryptoassets Exchange [LCX] in August 2018.
Twitter was buoyed by the news of Binance’s Argentinean expansion. Twitter user @CryptoDree stated,
“@binance is conquering the world! I feel blessed I discovered #binance in 2017 and started to use it as my main #trading #platform! It will be my main platform for the upcoming years 😁👍”
BTC Radar commented,
“Great strides CZ! What a blessing to witness all of this unfold.”
However, some enthusiasts like Chelo Cavazzoli warned Binance,
“Thats great, but be very careful, our government never pays in time. I’ve received 2 government funds for my startup and they take very long, some even never arrive.”
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