Binance CEO CZ Teases Fiat-to-Crypto Exchange in Argentina
CZ’s tweet came in response to an article published by crypto news site Coin Spice called “Argentina Government Matches 1:1 Binance Investments for Blockchain Projects,” on the agreement between the Argentinian government and Binance Labs — the arm of the exchange dedicated to investment and social impact — to co-invest in blockchain-based backed by the company.
Zhao’s exact tweet, which seems to suggest that Binance already has plans to roll out a crypto exchange in Argentina, is as follows:
“Guess where we will have a new fiat-to-crypto exchange?”
As Bitcoin Center NYC reported in mid-January, after The Block reported that Binance had plans to establish fiat-to-crypto exchanges in eight countries, Binance refused to confirm any of the locations. However, Argentina was one of those locations — along with Uganda and Jersey (already launched), South Korea, Liechtenstein, Russia, Turkey, and Bermuda (which was said to be in consideration) — adding credence to the report.
Although Binance is functional in these countries, including Argentina, adding support for native currencies is vital to the growth of the exchange — as well as the greater crypto space — since they provide a fiat onramp into cryptocurrencies. While trading into and out of altcoins through Bitcoin (BTC) and Ether (ETH) pairings is always doable if you already own one of the aforementioned cryptos — which can function as gateways — actually purchasing them in the first place requires the use of fiat.
One of the world’s largest exchanges by volume, Binance also added support for credit card purchases of crypto through payment processor Simplex in January, creating yet another way for retail investors and everyday people to buy crypto, which many experts believe is the single biggest hurdle to the growth of the sector.