Binance, the biggest cryptocurrency platform in terms of trading volume, with users from over 180 countries and regions has announced the launch of its new peer-to-peer (P2P) fiat to crypto trading set up for the merchants and users globally. The updates have come via an official website on Jan 21.
The initiative to introduce this service in the basket of already existing products and offerings is going to serve Binance global users while ensuring them prime liquidity. This service is available to all the users and the members of the platform worldwide.
As per the blog, the growing demand of Binance users propels the platform to introduce the peer-to-peer merchant trading platform on a global scale so that everyone can get benefits of higher liquidity. Reportedly, Binance has increased its trading volume by 30% in the last month.
Through this new service, the P2P merchants are eligible to get Binance professional service support and can make revenue by offering fiat currency payment way outs to the users. The merchants are also getting benefits of zero transaction fees while using the platform.
Binance’s C2C/ B2C Model
Binance with the Peer-to-Peer (P2P) concept is aiming to encourage the users globally while making the cryptocurrency accessible to them in an easy way. The leading digital asset trading and blockchain platform aim to offer user-friendly access to cryptocurrency through its consumer-to-consumer (C2C) or business-to-consumer (B2C) model.
Binance CEO, Chenpeng Zhao (CZ) said that when the P2P trading service launched the first time in Oct 2019, “we carefully selected merchants to protect users’ interest.”
The blog reads, earlier “the merchants joined Binance P2P platform through a strict invitation and referral program.” However, this time the “P2P Merchant program” service is “openly enrolls merchants for its P2P trading platform.”Source: Binance Blog post
Earlier, in Oct 2019, Binance’s wing Binace.US- the digital asset marketplace had launched the P2P trading app for iOS and Android Binancians. At the time, the users from 37 eligible states could trade over 25 digital currencies in real-time while keeping track on market movements. The users could safely trade within ACH (Automated Clearing House) limits up to $30k, make wire transfers, and make debit card payments.
Binance P2P Global Merchants Program Rule
It is indicated that the “Global P2P Merchants Program” is determined to adopt an “elimination mechanism” to sustain the quality user experience while protecting merchants’ interest. The applicants would be contacted by the Binance P2P team after vetting all the applications.
The applicants can fill the form through this link.
Merchants and users can download Binance P2P crypto trading platform/Binance mobile app via the App Store or Google Play store.
What is P2P Merchant Concept?
The P2P merchants can avail of the profits through this program once they post fiat currency trading advertisements on the platform. This time the establishment is inviting all the outstanding teams to join Binance Global P2P Merchant Program from all across the globe.
Binance is not stopping here and intended to launch more promotional activities for merchants and users globally on its P2P trading platform. According to the blog information.
Vietnamese Dong Receives Binance Support
Vietnamese Dong has received from support from the safe and secure crypto trading platform. From Jan 20, people from Vietnam can trade (buy & sell) four cryptocurrencies with Vietnamese Dong (VND). These are Binance own Coin (BNB), Bitcoin (BTC), Tether (USDT), and Ether (ETH).
Reportedly, Vietnamese Dong (VND) is the second fiat currency in the list that added after the Chinese Yuan (CNY) on the Binance P2P trading platform.
WazirX (WRX) Token Sale on Binance Launchpad
In the recent update, WazirX (WRX)- India’s cryptocurrency exchange is doing an IEO on Binance’s launchpad.
As per the displayed information, the WRX token sale is expected to “follow a lottery format, with the recording of user BNB balances already having started at 2020/01/04 00:00 AM (UTC).” For details, users can click on the link.