Binance has listed the first direct fiat-to-cryptocurrency trading pairs, starting with Nigerian naira (NGN) with Russian Rubles not far behind.
According to the company, customers can deposit NGNs and buy bitcoin (BTC), Binance coin (BNB) and Binance’s native dollar-pegged stablecoin, BUSD. The pairs are USD/NGN, BNB/NGN, BUSD/NGN and BTC/NGN.
Binance stated that
In the near future the high-volume global exchange will also introduce gateways for South Africa’s Rand (ZAR) and Kenya’s Shilling (KES)
At launch Thursday, Binance limited the Nigerian trading, pairs to BUSD/NGN, BNB/NGN and BTC/NGN.
How Much Does It Cost To Buy Bitcoin with Nigerian Naira (NGN)
To promote the use of the newly supported NGN currency on its trading platform, Binance temporarily will take all NGN deposits for free up to 36,000 NGN (about $100) starting on Oct. 24, 2019.
In a blog post , Binance said, Investors can deposit between 150 NGN (about $.40) and 430,000 NGN (about $1,200) for a 1.4% fee.
When asked why they chose to support NGN first, a Binance spokesperson stated:
Nigeria is the largest economy in Africa with nearly 200 million people – it is absolutely a promising market with great potential. In addition, Flutterwave offers very competitive rates for NGN, and the deposit processing fee is as low as 1.4%.
Flutterwave is headquartered in San Francisco and has offices in Lagos, Nairobi, Accra, and Johannesburg. Iyinoluwa Aboyeji is a 26-year-old Nigerian entrepreneur and co-founder of Flutterwave , a payments API that makes it easier for banks and businesses to process payments across Africa.The firm is backed by notable investors, including Y Combinator. Its clients include Uber and Booking.com, among others, according to information on its website.
Until next time…