On January 21, Binance announced that it has launched its peer-to-peer merchant program. It is a user-oriented fiat currency platform for trading. In its press release, Binance said that the increasing demand of users around the world and a demand for more liquidity as the reasons behind creating this merchant program.
In the press release, Chief Executive Officer Changpeng Zhao said that in the past quarter, Binance has seen a rapid rate of growth in the trading volumes on the peer-to-peer platform. The firm has gotten a lot of requests for more fiat to cryptocurrency access from traders around the world. In order to meet the growing demand of those users, Binance is seeking more credible merchants for the peer-to-peer global trading platform.
According to another source, Binance has had a 30 percent rate of growth in its trading volume over the past 30 days. Binance, which is based in Hong Kong, has the largest average monthly traffic of all trading platforms, with more than 18 million unique users of the platform. Merchants who are on the platform can earn money when they list fiat currency trading ads. The platform is set up for both iOS and Android operating systems. Binance provides the users with support, and it does not take any transaction fees from them.
The American arm of Binance operates as Binance.US. It released an app in early January 2020. The app is its peer-to-peer trading platform, which was first available in October 2019. Back in October, a merchant could join only through an invitation and referral from an existing user. At this time, the merchant program is available through an open enrollment system. The quality level of the user experience is controlled by a type of elimination system. More promotional activities will be available in the coming months.
The peer-to-peer trading platform operated by Binance has also included the Vietnamese Dong as a fiat currency. This is a big step in decentralization of the nation's currency. Additional developments of this new platform are certain to follow, so traders should keep a close eye on any Binance press.