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Binance adds Russian Ruble [RUB] to its USD trading market

Namrata Shukla

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Source: Pixabay

Binance has been making a lot of headlines lately with its latest round of acquisitions and partnerships. The top cryptocurrency exchange by market cap is in the news again after it took this opportunity to add trading pairs for Russian Ruble [RUB]. Binance announced this on 2 December 2019 via a blog post that noted that the trading pairs will be available on the USD trading market.

Apart from the BNB/RUB trading pair, the users will be able to trade major cryptos like Bitcoin [BTC], Ethereum [ETH], and XRP against it. The blog read,

“Binance will add trading for the Russian Ruble (RUB) in the USDⓈ trading market and open trading for BNB/RUB, BTC/RUB, ETH/RUB and XRP/RUB trading pairs at 2019/12/02 1:00 PM (UTC). “

Previously, Binance had launched the fiat gateway for Russian Ruble through AdvCash payment provider. This decision to offer deposits and withdrawals followed the CEO’s trip to Moscow. During his interview with a media outlet, CZ had said that Binance was interested in hiring local developers in the country, while also addressing the prospects of its stablecoin project, Venus. However, at the same time, he did not expect to see Venus-related stablecoins getting traction in huge countries like Russia, the U.S., and China. He added,

“The real world is not binary, fiat or crypto. We may not be able to advance [crypto adoption] in one big giant leap. We can have more degrees of decentralization.”

Russia, with China, is reportedly looking at the possibility of common crypto to counter the U.S. dollar. The head of the Russian Direct Investment Fund [RDIF], Kirill Dmitriev, while speaking at the BRICS Summit last month, had informed of the five nations discussing the creation of a common crypto for mutual payments in an attempt to reduce the share of payments in USD.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.