Binance, the world’s leading cryptocurrency exchange, adds peer-to-peer trading for the Russian Ruble (RUB). From today, traders will be able to transact with zero fees on the exchange’s P2P platform.
In a press release shared with Cryptopotato, Binance, the world’s leading cryptocurrency exchange, announced that it will add peer-to-peer (P2P) trading for the Russian Ruble. Users will be able to transact with no fees on the exchange’s P2P platform starting today.
Speaking on the matter was Changpeng Zhao, who said:
P2P trading provides an open marketplace and more flexible access for users to trade multiple currencies with other users or merchants in the payment methods they prefer.
Interestingly enough, Binance announced support for the Russian Ruble (RUB) on its main platform on February 2nd. Users are now able to buy cryptocurrencies directly using the RUB. At the time of this writing, they are able to use their Visa cards and purchase XRP, BNB, BTC, and ETH.
This enables traders to buy cryptocurrencies in a quick and easy way without having to go through any other venue. According to the official release, support for Mastercard, as well as other currencies is also going to be added in the near future.
Fiat P2P trading is also commonly referred to as customer to customer trading where users deal directly with their counterparties. They exchange fiat assets offline while confirming the transaction online. Once the offline fiat asset exchange has been confirmed by both parties, the digital asset is going to be released to the buyer.
A significant benefit of the platform is that there is an escrow service that works to ensure safety, as well as the timely delivery of the digital asset during the execution of the trade.
It’s also worth noting that Binance has said that it will integrate the P2P trading platform of WazirX, the newest IEO held on the Launchpad. As such, Binance users will be able to transfer their funds between Binance and WazirX accounts, while also signing into WazirX using their already existing Binance accounts.
The IEO for WazirX was carried out earlier this month and it brought investors substantial returns as the price for WRX surged upwards of 600% once it was up for trading on the exchange.