One of the world’s premier crypto-exchanges, Binance has announced its collaboration with Satang Corporation, one of the oldest digital asset exchanges in Thailand, to open Thai Baht (THB) fiat channels on the Malta-based exchange.
“We are proud to collaborate with Binance in bringing digital assets to the masses in Thailand and moving Thailand’s Digital Economy forward,” said Poramin Insom, Creator of Zcoin and CEO and Co-founder of Satang. He added, “This marks a remarkable development in Thailand’s digital asset ecosystem and focuses on the technology powering the space, not just as an alternative to fiat currency.”
However, this wasn’t the only development in the Binance ecosystem as the exchange has also collaborated with Banxa, a global fiat on-ramp solution, to provide Australian Dollar (AUD) support.
“With only one integration, our partners benefit from both local and global payment options while Banxa takes care of all regulation, compliance, and chargebacks,” said Holger Arians, Banxa CEO. He added, “We are very delighted to welcome Binance into our growing ecosystem of partners and look forward to working closely with the team at Binance.”
According to a press release received by AMBCrypto, Binance users will now be able to purchase cryptocurrencies using these currencies through the exchange’s fiat gateway.
The press release also claimed that 74% of the population has access to the Internet, a figure which is one of the highest ratios in the world. With the addition of the Thai Baht and the Australian Dollar, Binance now supports 22 fiat currencies for the purchase and sale of cryptocurrencies.
“Local payment methods available to users include bank transfers, bill payments and retail payments, as well as global payment methods such as credit and debit cards.”
Binance CEO Changpeng Zhao also commented on these developments, stating,
“We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto.”
CZ added that in 2020, Binance plans to provide support for all 180 fiat currencies. In fact just yesterday, the exchange announced the addition of fiat support for using Visa cards to purchase cryptocurrencies using Swedish kronor and Polish zlote. It’s safe to say that support for more currencies is on the way.