Cryptocurrency

Bullish for crypto: Binance facilitates the 1.4 billion Chinese in the crypto-access

Binance wants to continue to offer support for Alipay and WeChat, and thus potentially more than a billion people and a Fiat Onramp allow. After Binance has already set up a Peer-to-Peer Trading platform in China, will bring the Feature to the stock exchange in the country forward.

Binance brings new P2P platform on the market

To get crypto-currencies in China, where stock exchanges are banned for 2017, just a lot easier to become. Binance, one of the largest crypto-currency exchanges in the world, has introduced a Peer-to-Peer function.
The 9. October introduced Feature makes it possible to trade users, BTC, ETH, and USDT against the Chinese Yuan (CNY). The service is currently only available for Android users, whose accounts are older than 30 days, but it will appear soon also for iOS and Desktop computers.
And who wants to crypto exchange currencies against the Yuan, can do so via WeChat and Alipay, two of the largest payment providers in China.

A Fiat point of contact for over a billion users

Tencents WeChat, a payment service to Send and Receive, had in June 2019, more than 1.1 billion active monthly users. The Chinese research company, trust data, according to Alipay had at the beginning of the year 608 million active users per month. All these Users can now purchase with your Alipay and WeChat accounts theoretically crypto – currencies.
Binance, however, is not associated with any of the companies directly. Both platforms are taken also against the crypto-Trading by cancelled accounts, one of which you suspect that you were involved in the purchase of Coins.
Binance CEO Changpeng Zhao is that it is on the P2P platform of Binance possible WeChat and to accept Alipay transactions of other users, the crypto-currencies buy or sell want to.
However, many Users point despite the overwhelming positive feedback on Twitter that Binance in China has not been enabled. This means that users can only access with VPN on the P2P marketplace of the company- and, in turn, entails the risk that accounts will be monitored by Chinese authorities.
Nevertheless, the native crypto-currency, exchange, Binance Coin put, after the message to be increased within a few hours by 9.7 percent.
Binance Coin, by market capitalisation, is currently risen to 8th place in the last 24 hours to 10,24%. BNB has a market capitalization of 2.72 billion $ in the case of a 24-hours-a volume of 280,82 million $
Text evidence: crypto slate, Priyeshu Garg

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.