Binance recently announced a string of new partnerships with fiat service providers. The world’s biggest crypto exchange is trying to expand its services in Europe with the move.
According to the official announcement, Binance has signed agreements with several European fiat partners. It will help the platform support EUR deposits, withdrawals, and payments.
With the integration, Binance is already attracting new European users. Here is an overview of what the new fiat partners bring to Binance:-
- Euro deposits and withdrawals through SEPA/SEPA Instant and Open Banking
- Buying and selling cryptocurrencies through SEPA/SEPA Instant
- Buying and selling cryptocurrencies through bank cards
- Buying and selling cryptocurrencies through fiat balances
- Euro spot pairs for every user
Given Europe’s massive crypto user base, the move exposes Binance to a vast audience. Many of these crypto users and enthusiasts even looked for a Binance review to learn about the platform and its services.
Despite crypto gaining mainstream exposure, the majority of users prefer fiat currencies for transactions. Thus, it is crucial for a platform to support crypto-to-fiat conversion and vice versa.
It breaks down the entry barriers for users new to the crypto space. Moreover, it facilitates the seamless transfer of value across the payment ecosystem. For centralized exchanges, offering an easy way to trade crypto is crucial.
It helps beginners get acquainted with space using fiat off-ramps and on-ramps. The tools enable an excellent user experience while offering access to Web3.
Binance’s mission is to facilitate global transactions for consumers. It is essential to have global collaborators with extensive tools and networks in order to achieve this objective. The most recent partnership brings Binance one step closer to its goal.
Given the sheer stature of the involved parties, the crypto community is expecting the move to be a massive hit.