Binance listed the first fiat trading pair, and it’s not the US dollar. Starting from today, Nigerian users will be able to buy Bitcoin, Binance Coin (BNB), and Binance’s stable coin BUSD with Naira.
Most top exchanges that provide fiat-to-crypto trading services focus on the US dollar, or at least on the euro or yen. This is because they are the most traded currencies, with the USD enjoying the status of a global reserve currency.
Nevertheless, Binance went the other way by adding the national currency of an African country as its first fiat service, reports stated.
Last month, Bitcoin was the most popular particularly in Africa and especially in Nigeria. The country leads the current ranking of top regions where the Google search trends of “Bitcoin” term note the highest frequency.
Binance launched the new fiat solution in partnership with the payment system, Flutterwave.
The primary reason behind the yesterday crash is a sudden decline in Nigeria’s foreign reserves. Last week, the Central Bank of Nigeria said that the reserves depleted by $5 billion in about four months, to $40.79 billion, the lowest level year-to-date and the biggest drop in 2 years.
The central bank uses foreign reserves to stabilize the markets and the national currency.
As for Binance, CEO Changpeng Zhao hinted that more fiat currencies would show up on the platform, which has been among the top 3 most popular crypto-to-crypto exchanges.