Binance Supports African Currencies For Direct Cryptocurrency Transactions
TECHDIGEST– Binance, the world’s leading blockchain ecosystem, and cryptocurrency infrastructure provider, has announced its latest move to expand its product offerings and bolster its presence on the African continent.
The cryptocurrency giant has added support for more African currencies, including the Liberian Dollar (LRD), Sierra Leonean Leone (SLL), Gambian Dalasi (GMD), Mauritanian Ouguiya (MRO), and Cape Verdean Escudo (CVE), in a bid to increase the adoption and mainstream accessibility of cryptocurrencies.
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With this new development, users in these regions will be able to make direct cryptocurrency transactions with other users in their preferred payment method, local currency, and price, without needing a third party or intermediary. Binance has opened the doors for users to trade and post-trade advertisements in LRD, SLL, GMD, MRO, and CVE or directly trade BTC, USDT, ETH, BNB, and BUSD with other users using these fiat currencies at zero fees.
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According to Nadeem Anjarwalla, Director for Binance in West & East Africa, “Binance has continued to remain committed to increasing the adoption and mainstream accessibility of crypto, and we are excited to be taking this step in making access to digital assets effortless for more Africans.” The move by Binance shows that the company is not only interested in expanding its global reach but also keen on providing convenient and secure cryptocurrency transactions for its African users.
In addition to the support for more African currencies, Binance has also launched its peer-to-peer (P2P) marketplace, which allows users with a stable source of cryptocurrencies, as well as LRD, SLL, GMD, MRO, and CVE, to become merchants on the platform. These merchants will receive exclusive customer support, verified badges, and access to advanced trading tools. Furthermore, they can enjoy VIP discounts and zero fees on the platform.
This new development by Binance is expected to significantly enhance the adoption of cryptocurrencies in Africa, as it provides users with more options to buy and sell cryptocurrencies with ease. The move is also expected to promote financial inclusion on the continent, as more people can now have access to cryptocurrencies and use them for transactions without having to rely on traditional banking systems.
Binance’s latest move is a step in the right direction towards mainstreaming the use of cryptocurrencies in Africa. With more African currencies now supported on the platform, users in these regions can seamlessly buy and sell cryptocurrencies in their preferred payment method and local currency, without any third-party interference. The launch of the P2P marketplace further cements Binance’s position as a leading player in the cryptocurrency industry, and it is expected to contribute significantly to the growth of the industry in Africa.
