Binance is currently one of the largest crypto exchanges by trading volume, and as such, the company has been putting in huge efforts to expanding its reach. This time around, it’s about Russia. For long, crypto fans in Russia, especially those using Binance Exchange, haven’t had an effective gateway to buy cryptos with fiat (in this case Russian Ruble, RUB).
Now, Binance has found a way to facilitate a fiat-to-crypto gateway that supports top cryptos like Bitcoin (BTC), Ethereum (ETH), and XRP. Russian crypto fans can now exchange Ruble (RUB) for cryptos.
Venus Project In Russia
During an interview, Binance CEO Changpeng Zhao noted that Russia has a huge talent potential especially in terms of good programmers and that the company is planning to open up an office in Moscow to utilize the talent.
CZ went on to hint that besides opening a developer’s office in Russia, Binance Exchange plans to introduce the Venus Project in the country. To do that, Binance will partner with local issuers of stablecoins that are pegged to the Russian fiat (RUB).
Fiat Gateway For Russian Customers
At the moment, the legality of cryptos in Russia is a bit fluid, something that might be challenging if Binance engages local banks to create a fiat gateway. The exchange will have to find other means to achieve its objective.
Binance is now partnering with Advanced Cash, a move that will see users depositing RUB to the popular Binance Cash Wallet. They can then use the deposits to purchase cryptos by the Advanced Cash platform.
The Adv Project Ltd is a company based out in Gibraltar and facilitates a payment system touted as faster and cheaper than banks. When using Advanced Cash for bank-based transactions, the platform charges 3% for deposits and 2.5% +50 RUB for withdrawals. However, there are no charges incurred when using the e-Wallet option.
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