It’s a twofer today on news around Binance, one of the top forces in the cryptocurrency world.
Run by the intrepid Changpeng Zhao, Binance has been making big changes in cryptocurrency exchange technology over the past year.
Today, we get a new update on Binance’s fiat-to-crypto P2P strategy with new support for the Vietnamese currency, the “dong.”
Although Binance currently serves only holders of Chinese and Vietnamese currencies, Zhao has announced in the past that the exchange plans to support up to 180 currencies around the world, and previous news from earlier this month showed Binance setting up a third party agreement with a service called Banxa that would facilitate fiat-crypto trades from Australian and European currencies.
At the time, we reported on a strategy where Binance uses third parties to facilitate these trades, instead of trying to integrate them into the platform in-house.
Available reporting on the new Vietnamese currency support doesn’t explicitly say whether or not this is a partnership effort – one could assume that this means Binance is building in the options of trading the dong for Bitcoin, Ethereum, Tether, or Binance coin itself, without a partner, which assumedly would have otherwise been identified.
“Binance is committed to providing our global users with more convenient fiat gateways and easy access to cryptocurrency, and our P2P service aims to lower the barriers to entry to the crypto world,” Zhao said in a recent press relae, accoding to reporting today at Cointelegraph by Helen Partz. “We are pleased to introduce fiat-to-crypto P2P trading services to Vietnamese users to flexibly trade cryptocurrency at low costs.”
In other Binance-related news, Adrian Zmudzinski, also at Cointelegraph, reports that Zhao is suggesting wallet technology should improve to the point where it’s safer for holders to keep money in exchanges than to store them in cold wallets.
Today’s conventional wisdom is that with all the cyberattacks and other threats out there, it makes more sense to immediately grab assets from exchange deals and store them off-line, but Zhao suggests that the danger of losing the keys already makes exchange storage an attractive option.
“Many hardcore crypto (experts) advocate storing your own keys,” Zhao reportedly said. “But the truth is, today most people are not able to secure a key even from themselves (losing it). A trusted centralized exchange is #SAFUer for most people. The numbers speak for themselves. Need to work on wallets.”
Look for more on moves forward by this trend-setting exchange as investors gear up to move into crypto.