Major cryptocurrency exchange Binance added support for Australian dollars (AUD) and Thai baht.
Binance announced support for the national currencies in separate releases on Jan. 7. Thai digital asset exchange Satang Corporation will process Thai baht transfers, while Australian dollar transfers will be facilitated by Banxa, a company specialized in internationally compliant fiat-to-crypto gateways.
Satang’s fiat processing service is integrated into Binance’s trading platform by means of a recently launched application programming interface that allows users to deposit and withdraw baht directly to their accounts. Satang CEO and co-founder Poramin Insom said that the collaboration will help the adoption of digital assets in Thailand.
Binance noted that its partnership with Banxa also lets its users access faster fiat transfers with the Australian dollar, euro and British pound. Supported payment methods include bank transfers, bill and retail payments, and credit cards. Banxa CEO Holger Arians noted that the service also “takes care of all regulation, compliance and chargebacks.”
Binance CEO Changpeng Zhao said he believes that the partnership will be beneficial given the prevalence of fiat currencies and the need for means to transition from fiat to crypto:
“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. In 2020, we aim to add support for all 180 fiat currencies.”
Binance’s fiat integration efforts
Binance, the second-largest cryptocurrency exchange by 24-hour trade volume, has been actively adding more fiat currencies to its platform. Earlier this month, the exchange also announced that it will offer euro trading against six cryptocurrencies.