Some of the latest news in the crypto world involves top exchange Binance and its unique strategy for accommodating fiat-to-crypto transactions.
Reports at Coindesk today show that Binance has partnered with a payment provider called Banxa, which will facilitate the exchange of fiat currencies used in Australia and Europe.
“We believe fiat will coexist with crypto for a long time to come,” Binance CEO Changpeng Zhao said in a press statement, while suggesting that Binance will support 180 fiat currencies by the end of 2020.
The Binance plan, which has gotten so much support from analysts, started when Binance chose not to build fiat-to-crypto transactions directly into the exchange.
Instead, Binance seems to be following a trend of outsourcing the introductory transactions to companies that specialize in dealing with these national currencies.
That allows Binance to sidestep a lot of regulation and escape a lot of the complexity that so many exchanges have encountered when they try to provide everything in-house.
It’s easy to name examples of exchanges that ran afoul of national regulators due to fiat currency related concerns.
Binance, on the other hand, is quietly establishing itself as a major player in crypto that’s likely to stick around for a long time regardless of what happens with “altcoin seasons.”
Another feather in the exchange’s cap is the Binance Coin (BNB).
In a commentary at Coindesk this past April, Pete Rizzo suggests that Binance Coin wasn’t just a vanilla attempt to fund the company through an ICO.
Instead, the author argues, the token offers user incentives to remain on the platform, which adds more ballasts to the stickiness of Binance operations.
That, in turn, drives success for the long term, and while so many ICO’s have been incredibly problematic, the popular Binance exchange and its popular leader are standing tall.
