Investors on the Binance network are now able to purchase cryptocurrencies such as bitcoin using local payment processors like AliPay and WeChat via the Binance platform. This comes from the CEO of the platform himself, Changpeng Zhao.
With the confirmation of AliPay and WeChat implementation by Zhao comes around a month after the announcement of Yi He, the co-founder of Binance, who revealed the fiat-to-crypto over-the-counter trading platform to release in China.
Furthermore, the addition of AliPay and WeChat options come at a time when the launch of Binance’s P2P trading functionality for Android users. This would likely eliminate jurisdictional restrictions that makes the fiat on-ramps possible for usage.
Given the widespread hatred of cryptocurrency by Chinese officials, this is a huge move.
The Binance team said:
“Binance has launched P2P trading functionality with BTC, ETH and USDT available for trading against CNY (Chinese Yuan). Access to P2P trading will be initially provided to Android users (Version: 1.12.1) that have Binance accounts registered for over 30 days.”
Through targeting the OTC and Peer-to-Peer markets, which have roughly been dominated from platforms like OKEx and Huobi over the course of the past two years, Binance is expected to start slowly expanding its services into the Chinese space. If done right, this could see a big increase in adoption for the space as an overall industry.
The rise in the price of cryptocurrencies has been often accompanied by an increase of general interest by big institutional investors. At the end of 2017, we saw a lot more people enter the market who probably never even heard of cryptocurrency nor even the Binance platform and get involved with the space.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!