Binance Announces New Partnership in Australia in Push to Support Every Fiat Currency on the Globe
Binance is expanding its services in Australia. The leading cryptocurrency exchange has partnered with fintech firm Banxa to offer crypto investors, enthusiasts and traders a fiat on-ramp. Users can now purchase cryptocurrencies directly on Binance.com with the Australian dollar (AUD), euro (EUR) and British pound (GBP).
Introducing people to cryptocurrencies while shifting spending and investing habits is a global and long-term effort that requires ongoing initiatives that can flatten the complexities of interacting with digital assets.
On the exchange side, solutions need to address local regulations. For customers, the process of converting paper money into cryptocurrencies is expected to be as user-friendly as possible. As the space matures, both objectives are finding more efficient and effective solutions.
Says Binance CEO Changpeng “CZ” Zhao,
“We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto. In 2020, we aim to add support for all 180 fiat currencies. Banxa is a partner who shares our mission of making cryptocurrency accessible to people around the world.”
Fintech firm Banxa has been operating cryptocurrency exchanges in Australia and abroad since 2014, providing a bridge between the legacy financial system and cryptocurrencies by enabling crypto exchanges, wallets and related platforms to offer instant fiat-to-crypto conversions. Users can choose several different methods of payment: bank transfers, bill payments, retail payments, credit and debit cards.
One of the company’s core services is its ability to handle all regulatory concerns, compliance and chargebacks.
Banxa and Binance expect to add more countries and currencies in the near future to expand its global reach.
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