Binance introduces faster GBP payments for UK customers

One of the world’s largest exchanges, Binance, is once again starting the year with a plethora of positive, new announcements. The most recent of the exchange’s moves is the addition of a number of new fiat funding options, which include near-instant GBP payments for its UK-based users.

Binance made this announcement earlier today, stating that the faster GBP payments are coming as a result of its new partnership with Banxa. Banxa is a fiat-to-crypto payment provider that also made it possible for Binance to allow direct purchases of euro and the Australian dollar.

However, Binance pointed out that the euro option will spread throughout Europe in due time, while it will only be available in a few chosen countries, initially.

So far, it appears that 2020 will be the year when Binance plans to continue its worldwide expansion and include as many new markets as possible. For example, only a day before this announcement, the exchange stated that it will start supporting deposits in Thai baht. This is possible thanks to another partnership, this time with Satang Corp.

Furthermore, it also added fiat gateways for Swedish krona and Polish zloty. In other words, Binance increased the number of fiat currencies that can be used on its platform to 21, stepping away from being a crypto-only platform.

Fiat and crypto will co-exist, says CZ

Of course, Binance had plans to make such a move for quite some time, and it started executing them in the late fall of 2019. The exchange’s CEO, Changpeng Zhao, stated that Binance believes that fiat can and will co-exist with cryptocurrencies for the foreseeable future. He added that over 99.9% of the world’s money supply is in the form of fiat money. In other words, the shift to crypto, as likely as it seems, will not happen overnight, which is why adding support for both forms of money is likely a smart move that will ensure Binance’s survival and prosperity.