At the Binance super meetup in Singapore, Changpeng Zhao, CEO of Binance, announced his goal for the next six to nine months is to onboard the rest of the 180 fiat currencies to the exchange, as reported by Micky, November 13, 2019. The exchange has been on a spree of fiat listings with native support for five fiat currencies already live.
No Stone Unturned
In his look for cryptocurrency dominance, Changpeng Zhao will stop at nothing to make certain Binance is the most robust retail crypto trading platform on the planet. In a bid to guide this, the exchange plans to list fiat currencies at a quicker rate than most exchanges list tokens.
Fiat support is just a major hindrance to cryptocurrency investors over the globe. Stringent regulation and banking bans using countries have rendered the on-ramps from fiat to crypto incredibly difficult to build. Even yet in the face area of the regulatory obstacles, Binance remains resilient by finding loopholes to the system.
Supplementing Zhao’s search for supremacy is his need to drastically improve their state of customer service. Zhao told the audience that certain exchanges had massive support backlogs exceeding countless amounts of tickets. When Binance entered industry, they promised their customers an answer within 24 hours, and his latest aim is to reduce that to at least one hour.
Joining him on stage was Phil Chen, Chief Decentralization Officer at HTC, who unveiled the HTC Exodus One Binance edition. Zhao and Chen both agreed that their visions for borderless finance are similar and a partnership of the nature only makes sense.
Binance Prepping for the Future
From lending to staking to worldwide fiat support, Binance is setting the space for the seamless onboarding of new customers.
Exchange volumes and sign-ups are generally fanatic during bull markets as an enormous rush of users swarm to exchanges. In 2017, Binance had to halt fresh sign-ups to the exchange and users were selling their accounts for as high as 1bitcoin ($10,000-19,000).
Most of the major exchanges will be strengthening their tech stacks in anticipation of this so they do not have to reduce on that sweet, sweet revenue.