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Binance Launches a Fiat on-ramp for the South African Rand (ZAR)

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Leading cryptocurrency exchange and blockchain ecosystem giant Binance has launched a fiat on-ramp for the South African Rand. 

The announcement comes hours after Binance announced that it will be launching its own cryptocurrency mining pool and it’s acquisition of top cryptocurrency markets data website, CoinMarketCap. 

According to Binance, owing to its commitment to increasing the freedom of money, with immediate effect, users in South Africa will be able to deposit the Rand (ZAR) into Binance from any South African bank account and enjoy its various features such as spot, margin, futures trading etc. 

Phases

Binance disclosed the Rand on-ramp will be rolled out in two phases commencing from April 2nd. 

The first phase will see South African users deposit funds into Binance and trading. Users will be able to trade five trading pairs such as BTC/ZAR, BNB/ZAR, ETH/ZAR, USDT/ZAR, and BUSD/ZAR.

In the second phase, South African users will be able to withdraw the Rand from Binance. This will commence from April 9 at 6 AM (UTC+2).

However, for this to be possible, users will have to undergo KYC verification and fiat deposit and withdrawal limit applies. 

In a video shared at last month’s Blockchain Africa Conference 2020 in Johannesburg on March 11 & 12 – where Binance first announced its initial plans for the South African market and the fiat gateway, Changpeng Zhao, CEO of Binance said “We believe that Africa is a blockchain continent. South Africa specifically demonstrates strong potential in leading crypto adoption and blockchain technology. Services such as our fiat-to-crypto functions are a viable solution to more financial inclusion,”

Tanya Knowles, Binance South Africa Lead commenting also said “It’s been an exciting time for our expansion into South Africa as we have rolled out a number of new features for users over recent weeks. Our team is committed to servicing our users, compliance and growth. There is also a focus on engaging with regulators, banks and the crypto community and overall working with everyone in the ecosystem to make crypto a reality for all South Africans,” 

Binance opened trading pairs for BTC/ZAR, ETH/ZAR, BNB/ZAR, BUSD/ZAR and USDT/ZAR last week (March 27) and has also made its ‘Instant Buy with Visa’ available in South Africa – cryptocurrencies can now be bought instantly with Visa credit and debit cards on Binance.com.

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Exchange

Binance Launches Option Trading on its Mobile App 

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Binance has announced the launch of its Option Trading platform on its Mobile Apps. The platform which is available on the latest update of the exchange’s Mobile App was recently released allows the millions of users on the Binance ecosystem to trade on various markets. 

What’s an Option? 

Options are contracts that give the bearer the right, but not the obligation, to either buy or sell an amount of some underlying asset at a pre-determined price at or before the contract expires”. Options can be based on a wide range of underlying assets, including stocks, commodities, indices, currencies, cryptocurrencies or even another derivative product. 

Binance Options 

The Binance Options platform according to Binance offers users a lower entry barrier and provides flexibility required by option traders. With this platform, Binance allows users to take advantage of the price movement of assets within different time frames and enjoy the rewards therefore.

According to Binance, the Binance Options is an American style option which executes traders contracts anytime before the expiration date. The firm boasts of an intuitive design to enhance traders’ trading experience, unlike traditional options products and of a shorter time frame compared to traditional options that range from 10 mins to 1 day. 

Arguing further, Binance said traditional options products are less liquid especially such that are far “out of money”. In order to avoid this, the Binance Options are ‘designed with only one strike price which is equivalent to the contract price on Binance Futures’.

The firm continues to marshal on taking giant strides in the industry with its acquisitions, partnerships and launch of new products. Binance which started operations in 2017 continues to against varying odds build a giant and global ecosystem.

The launch of the Binance Options represents the lastest of the many strides which the ecosystem giant is making. Recently, it acquired popular crypto market data aggregator Coinmarketcap and it also announced intention to go into the cryptocurrency mining business.

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Exchange

Binance Set To Get into Crypto Mining Business

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Blockchain ecosystem giant Binance has disclosed it is set to go into cryptocurrency mining. This was disclosed in a twitter post by CZ, the CEO of Binance who said “Yes, there is a #BinanceMiningPool coming soon”.

Binance which was launched in 2017 has been seeing phenomenal growth over the few years it has been operational. From setting the pace in Initial Exchange Offerings IEO to launching defining products, Binance has continued to demonstrate its commitment to exchanging the world. 

https://twitter.com/cz_binance/status/1245361117301358592?s=19 

Recently news went round of Binance intention to acquire top Crypto Market data aggregator CoinMarketCap for upto $400 Million. Binance has in the previous months also acquired some firms and partnered with others thus increasing its global presence and influence as a true industry giant.

In an article published in August 2019, titled “Is Binance Set to Dominate the Cryptocurrency Industry with its Platform Aggregation Business Strategy”, CryptoTVPlus mentioned Binance interest in Cryptocurrency Mining. In it, CryptoTVPlus examined the continuous growth of Binance as it grew, turning into a formidable force in the crypto industry. After examining the offering of Binance concluded with “What will be the next move? Maybe it is to get into the Cryptocurrency Mining Business”. 

Other than the interest in Cryptocurrency mining, CZ also mentioned new additions to Binance suites of BinanceFinance products.

In a separate tweet, Binance also announced the launch of its Futures Affiliate Bonus Program. This program will allow affiliates to earn a monthly bonus of upto 72,000 USDT in addition to their 30% referral commission.

https://twitter.com/binance/status/1245340485759062017?s=19 

Binance has continued to expand its presence globally by acquisition and partnership and in making the use of crypto easier for people all over the world. Though having received backlash from its involvement in the Justin Sun’s hostile takeover of the Steem Blockchain, the firm has continued to marshal on despite challenges.

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Bitcoin News

Paxful Users Can Now Sell Their Bitcoin For Gold

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Paxful has released a new update allowing millions of its users to acquire Gold by selling Bitcoin.

As one of the most known and valuable precious metal globally, Gold has positioned itself as a good store of value for investors, businesses and nations of the world. Over time, the precious metal has grown in value and has been noted to be a safe haven.

The new update allows users of the peer-to-peer exchange platform to sell their bitcoin for the acquisition of Gold. This works by having users search for offers that can accept bitcoin as payment for gold.

Users can also create their own offer which allows them to determine the terms of the business arrangement and published.


When an offer is matched, and a buyer is expected to deliver the gold within a time frame of 21 days (three weeks) immediately the buyer marks the trade as Paid. Once a seller receives the gold, he is expected to release the bitcoin from the escrow to the seller.


Paxful encourage users to use trackable shipping methods delivery by mail and the use of public places for users who wish to trade in person. Users are expected to provide ID and Address verification before are able to trade with gold.

Giving reason for this Paxful said “This verification is important to protect our bitcoin sellers from any fraudulent activity. Therefore, it is not possible to trade bitcoin for gold or vice versa without being fully verified on Paxful.”

For the best of transactions, Paxful encourage users to ensure the quality of the gold before making payment and determining the means of delivery of the gold.

Users are to request for proof of purchase (a receipt), certificate of authenticity for the gold item, photo of ID and any other additional documentations.

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Exchange

Binance, Coinbase and BitMex tops Exchange Web Visits for the month of February, 2020

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Cryptocurrency continues to become an ever popular as people begins to grow in awareness and come to true understanding of the importance of cryptocurrency in lives today.

With the government financial policies becoming popularly known to be less helpful in protecting personal finance, cryptocurrency becomes very important for those who desire to either protect and preserve some of their assets or enjoy the fruitful benefits of involved in trading the movement of this new asset class.
As much as cryptocurrency has become popular as there are millions of people trading per day, there is still room for improvement.

The future which every crypto faithful envisage and popular refer to as “mass adoption” has not come and for those who provide the technologies, platform, products for the cryptocurrency industry, their continuous effort may become fruitful in due time.

Since the commencement of the year 2020, there have been several eventful happenings in the crypto industry but for this piece, we are examining the growth of cryptocurrency exchanges in terms of traffic for the month of February, 2020.

From data gotten from ICO Analytics , in the second month of the year, 2020, Binance had the most exchange visits at about 23.8million hits. This was an increase of 24% over the traffic in the month of January, 2020. This doesn’t come at a surprise considering the fact that Binance is always on the news weekly.

US based cryptocurrency exchange Coinbase had a 22.2million hits in February, which was a 7% increment compared to January.

Top margin trading platform BitMEX also had the third highest traffic increase from January to February at 29% but in February, it received 12.9million web visits in the month making it the third exchange with the largest web visits in the second month.

UPbit has a 5.5 million visits in February which rounds up to the highest increase in traffic from January to February at 41%.

YoBit.net and Kraken had similar visits at 4.8million (+20% in February) and 4.1million (+19% in February).

Huobi saw a 2.5million visits in February which was an increase of 26%, OKEX also received 2.3million visits at 18% increase.

The continued rise in interest in cryptocurrency will have to further fuel the up rise in traffic of cryptocurrency exchange which are one of the most powerful stakeholders of the cryptocurrency industry.

As much as decentralization is preached about and the hope on decentralized exchanges, these centralized exchanges are what we have now and they are continuing their upward growth.

As global financial market continues to see a downtrend, crypto may become the alternative for many people and for exchange operators, it presents a unique opportunity for them to increase their user base as well as revenue base.

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