This post covers the latest Binance news including 18 potential new Coin Listings and the various fiat gateways they are developing worldwide.
Recent Binance News
Hello Guys!! Today I want to bring you a news post and I was thinking about doing something with multiple stories that I have, and I started looking around all the various sources that I usually use like coin telegraph, crypto coin news, etc..
And one thing that I kept seeing which was kind of like a theme was that Binance was everywhere.
They’ve got these new Fiat gateways. They’re announcing new coins that I’m going to share in this post. There’s also some drama surrounding the project which I’m going to get into.
So we are going to talk about Fiat gateways
What’s a Fiat Gateway
You might ask a Fiat Gateway to connect traditional retail investors with the new asset classes and allows for institutional onboarding to tokenized investment opportunities. Fiat support is a key piece to this puzzle. So what’s key there.
Retail investors like us, bringing them to new asset classes like cryptocurrency, and basically, it’s an onramp and in my experience, I use Coinbase maybe some of you are using Robin Hood or the cash app or something like that.
But it’s whatever app you use to use your fiat, which is your government money to purchase cryptocurrency, and there are a lot of places around the world that haven’t had the ability to do this.
So, Binance is changing that.
Binance Cryptocurrency exchange launches Latin American Fiat gateway
Let’s get into this article. So Binance the leading global crypto exchange by volume announced the launch of its Fiat gateway for Latin America. They name the new platform Latamax, will operate under the bitcoin Fiat Gateway.
It will allow Bitcoin is Latin American users to purchase crypto directly in association with settle networks.
That’s basically who they’re working with? and Binance CEO Changpeng Zhao said, “There’s a strong need for cryptocurrencies in Latin America, especially for financial access. Roughly 50 percent of the Latin America population is unbanked and Latamax is a response to our user’s demands and the current market climate.”
So, they think the timing is right. They’re telling you that a lot of these people are the unbanked meaning of course that they don’t have a bank.
So, maybe they have tons and tons of cash and nowhere to put it and investing it into an emerging asset class like cryptocurrency, could be an interesting option for some of these people if they don’t have a bank.
I mean picture if you didn’t have a bank you just might have a shoebox full of cash just sitting in your house.
I mean you need to put that to use in some way shape or form even if that’s just through buying a stable coin.
CZ also went on to say that “The crypto industry is still in its early stages and most of the world’s money is still Fiat. So, CZ Building Fiat gateways which we need to grow the ecosystem, increase adoption and introduce crypto to more users”.
These Fiat gateways while we might not think they’re that big of a deal, if you’re in the US like me or if you have access to cryptocurrency, it makes things more convenient.
And I just think that the fact that Binance is making this part of an ongoing goal is going to be a big deal over time.
You know people talk about mass adoption and I think some people are waiting for this watershed moment, but I don’t think it’s going to necessarily happen like that, or at least it doesn’t have to happen like that.
Cryptocurrency can become adopted slowly over time. These are the types of things that happened right before our eyes. You know the prices are still down right where bitcoins around 7000 and change today.
It hasn’t been very exciting in the market and that’s you know that’s part of the reason I’ve been looking at the news during times like this. You don’t worry about the price because the price is just going to frustrate you or it’s going to bore you.
Right but news like this is still exciting even if the price doesn’t react to it. You know this type of stuff is telling me that the industry is still moving in the right direction.
You can see some of the countries that they’re going to be including and the one thing I want to mention here is that the biggest absentee on their list right.
Mexico, Colombia, Panama, Costa Rica & many more. But Venezuela is not there & they want to include Venezuela in the future.
Binance Announces Partnership with Paxful Enabling 167 Fiat Currencies
Another announcement, same day, a partnership with Paxful which enables 167 fiat currencies.
So this is the same type of thing. It is a fiat Gateway which enables 167 currencies to interact with the Binance platform.
And you can see a list of them here. The Vietnamese dong, Indonesian rupiah, Nigerian Nara, Colombian peso, British pound, Mexican peso, Canadian dollar, euro.
Binance appears to be devoting a significant portion of its resources to building its fiat currency onramp infrastructure and partnerships.
In November, Binance added support for buying Bitcoin and other cryptocurrencies with the Turkish lira and partnered with stable coin operator Paxosto to implement its Fiat Gateway.
Binance US Exploring Support for 18 Additional Cryptocurrencies
Now, let’s talk about some new coins that are going to be offering here in the US.
There are 18 additional cryptocurrencies that they’re exploring including in finance U.S.
So without further what are those 18 currencies? Look below in the screenshot
All right so you got some of your Binance IEOs like CELR, Harmony was one of their IEOs, interesting enough, Matic is not here, maybe MATIC is already offered. I’m not sure because I live in New York and I don’t have access to Binance us interesting stuff.
You can see I highlighted Tron. Which you might be shaking your head at you’re saying yourself will Tron is always been offered on Binance.
They’ve always had a longstanding positive relationship but there’s been some drama surrounding Tron right now, but I also saw in today’s news
DigiByte (DBG) basically having beef with Tron as the DigiByte founder coming after Justin Sun and they also have beef with Binance.
So DigiByte founder says “TRON is a Chinese government scam coin. TRON many things he’d say what you want about Trump but I don’t believe it is a scam.
So according to DigiByte founder Jared Tate. He reacted to Wednesday’s news that Binance US would be listing Tron, along with 17 other altcoins.
The Binance Vs DigiByte
Now know the history between DigiByte and Binance.
This isn’t the first time Tate has brushed up against Binance. In 2017, Binance demanded a listing fee in return for allowing DigiByte to trade on its platform.
When Tate asked how much he had to pay, Binance representatives said, how much you got?
More recently, Tate revealed he was asked for $300,000, plus 3 percent of the entire DigiByte coins buy in return for the listing.
So, DigiByte is upset that Binance is not listing them. I think there were probably also jealous of Tron.
DigiByte also has issues with Tron. This is not the first time Tate brushed up against Tron. TRON’s founder Justin Sun recently purchased the cryptocurrency exchange Poloniex. One of the sun’s first decisions as the owner was to delist DigiByte coin.
So I was unaware of this but apparently there’s beef between DigiByte and Tron.
The main takeaway from this post is that Binance is a train moving forward as I called them in the thumbnail. They are a machine and they’re doing a lot for cryptocurrency.
So you have to keep that in mind. Don’t worry about the day to day fluctuations in price. I know it’s been a rough couple of months.
We’ve been watching this price decline now since June since we had those highs of almost fourteen thousand dollars but keep your eye on the news and follow what people are doing.
Don’t worry about the price because remember this market is still small and it is manipulated a lot so you can’t put too much stake in the short term.
Do I think there could be a downside for Bitcoin? Yeah. Just for the record I’ve been watching and I’ll have it up here but I’ve been watching a symmetrical triangle. You know symmetrical triangles are generally continuation patterns.
So, Bitcoin could break down from here before going up again doesn’t worry me at all. Long term I mean I was holding on when Bitcoin was three thousand and then I watched it rise to fourteen thousand and I’ll be here when it’s worth 25 30 and 50 thousand which I do believe is a real possibility in the future