Binance is one of the premier cryptocurrency exchanges in the world. It has recently declared its collaboration with Satang Corporation, which is one of the oldest asset exchanges in Thailand. The aim is to open Thai Baht (THB) fiat channels on the Malta-based exchange.
Poramin Insom, the Creator of Zcoin and the CEO and Co-founder of Satang, said –
“We are proud to collaborate with Binance in bringing digital assets to the masses in Thailand and moving Thailand’s Digital Economy forward.”
He added –
“This marks a remarkable development in Thailand’s digital asset ecosystem and focuses on the technology powering the space, not just as an alternative to fiat currency.”
Moreover, this was was not the only development in the Binance ecosystem. The exchange has also collaborated with a global fiat on-ramp solution, Banxa, aiming to provide Australian Dollar (AUD) support.
Holger Arians, the CEO of Banxa, said –
“With only one integration, our partners benefit from both local and global payment options while Banxa takes care of all regulation, compliance, and chargebacks.”
He further added –
“We are very delighted to welcome Binance into our growing ecosystem of partners and look forward to working closely with the team at Binance.”
As per the reports, Binance users, through this support, will be able to buy digital currencies using these these currencies via the exchange’s fiat gateway.
The reports also state that 74% of the population has internet access. This is one of the highest ratios in the world. By adding THB and AUD, Binance now supports 22 fiat currencies for the sale as well as purchase of the virtual currencies.
“Local payment methods available to users include bank transfers, bill payments and retail payments, as well as global payment methods such as credit and debit cards.”
Changpeng Zhao, CEO of Binance, also comented on these developments, saying –
“We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto.”