Chinese Users are the Next Target of Binance
Against the Chinese yuan, the P2P trading platform of Binance now lists four digital currencies. The crypto exchange Binance has recently added its native Binance Coin (BNB) on its P2P trading platform.
As per the announcement, this listing will enable Chinese traders to trade the digital currency against the Chinese yuan. However, they will have to use the mobile application of Binance.
The Malta-registered exchange launched its P2P platform this month. Also, it wants to tap into the lucrative yet limited Chinese market. Thus, the platform is slowly increasing its offerings. Before, it only had trading services for Bitcoin, Ether, and Tether against the Chinese yuan.
The P2P trading service only supports Android users for now. However, the exchange will soon add it for the same to iOS devices and web clients.
In late 2017, China blocked the centralized crypto exchange from operating in the country. After that, Chinese traders soon approached the over-the-counter (OTC) desks and P2P platforms to trade crypto without centralized supervision.
Following that, Binance has been attempting to tap the Chinese crypto trading market. Aside from that, it aims to launch an OTC platform in the country.
Moreover, as issued by Binance, they can use BNB to pay the transaction fees in the exchange of its development and project marketing.
In addition to that, it has a market cap of almost $3.2 billion. As a result, it became one of the top ten largest digital currencies offered in the market today.
Meanwhile, in China, the Chinese president declared the government’s plan to accept blockchain and digital currencies. As a result, it gave hope for the revival of the crypto industry.
The Boom of XRP
Elsewhere, XRP is going through the roof, with its daily transactions reaching nearly 1.70 million. And one reason for this sudden boost might be Ripple’s upcoming Swell event next month. Another one is Ripple’s partnership with the payment service Moneygram. It is perhaps exploring new ways of using XRP.
