Cryptocurrency

Binance begins to replace traditional banking

Despite all the progress of the crypto market in the past few years, most of the traditional banks at the global level do not support cryptocurrencies. What has represented an additional barrier for those users who want to exchange fiat money for crypto assets. However, since the crypto world begin to arise alternatives as the market P2P Binance. Thus, the exchange begins to replace traditional banking, as it says Changpeng Zhao in the Tweet of the day:

Binance and traditional banking

For a long time the only way to participate in the international financial system has been through the traditional banking system. A situation that is beginning to change thanks to the cryptocurrencies, and the development of the finance decentralized (DeFi). A sector that has the potential to include the great majority, without access to traditional financial institutions, in the global market.

However, while this is no more than a long-term goal, the majority of people still rely on the banks, even to participate in the crypto market. Therefore, if the same do not accept cryptocurrencies within its platform, the exchange of fiat money for virtual currency becomes more complicated.

With the market P2P Binance begins to replace the traditional banking system. Source: Binance

This being the motivation behind the creation of the market P2P Binance, in which the users of the exchange can exchange and store fiat money by cryptocurrencies quickly and easily. Replacing the need to rely on traditional banks for the acquisition and storage of crypto assets, as mentioned by Changpeng Zhao, through his Twitter account:

“What the banks in your country are not yet in the scene #crypto? No problem, go to the P2P transactions secured by #Binance with 0 fees“.

So, Binance a step in the process of creating a solid alternative to the traditional banking system from the crypto world. Offering from since the possibility of performing operations with fiat money within its platform. Simplifying for thousands of people to the acquisition and sale of cryptocurrencies.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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