Binance, the world’s leading cryptocurrency and blockchain ecosystem, has added more African currencies, including the Liberian Dollar (LRD), Sierra Leonean Leone (SLL), Gambian Dalasi (GMD), Mauritanian Ouguiya (MRO), and Cape Verdean Escudo (CVE), to its list of currencies to increase Africa’s accessibility of cryptocurrencies.
This development was announced in Binance’s latest move to expand its product offerings to represent the African continent.
Binance has opened the doors for its African users to trade and post-trade advertisements in LRD, SLL, GMD, MRO, and CVE or directly trade BTC, USDT, ETH, BNB, and BUSD with other users using these fiat currencies at zero fees.
By doing so, users in the African regions will be able to make direct cryptocurrency transactions with other users in their local currency and price without needing a third party or intermediary.
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Binance provides effortless digital access for Africans
Binance has continued to remain committed to increasing the adoption and mainstream accessibility of crypto, according to Nadeem Anjarwalla, Director for Binance in West & East Africa.
“We are excited to be taking this step in making access to digital assets effortless for more Africans.” He said.
He reiterated Binance’s commitment to providing convenient and secure cryptocurrency transactions for its African users.
Added currencies to merchants on P2P
Binance has also included LRD, SLL, GMD, MRO, and CVE, to become merchants on the peer-to-peer (P2P) marketplace, which allows users with a stable source of cryptocurrencies to engage in the trade business.
On the P2P platform, merchants receive exclusive customer support, are classified by verified badges, and get access to advanced trading tools. They also enjoy VIP discounts and zero fees on the platform.
The launch of the P2P marketplace positioned Binance as the leading player in the cryptocurrency industry.
Benefits to the African continent
With more African currencies now supported on the Binance platform, Africans can seamlessly buy and sell cryptocurrencies in their preferred payment method and local currencies without any third-party interference.
This new development is expected to significantly improve the adoption of cryptocurrencies in Africa, as it provides local options to buy and sell cryptocurrencies with ease.
The move is also expected to promote financial inclusion on the continent, as more people can now have access to cryptocurrencies and use them for transactions without having to rely on traditional banking systems.
Binance now accepts bank transfers from South Africa customers
Largest cryptocurrency exchange, Binance
Founded in 2017, Binance, which was initially based in China, is a global company that operates the largest cryptocurrency exchange in the world in terms of the daily trading volume of cryptocurrencies.
It was founded by Changpeng Zhao, a developer who had previously created high-frequency trading software.
Binance is now based in Japan, from where it controls the world’s blockchain ecosystem with a product suite that includes the largest digital asset exchange.