Deposits and withdrawals of Aussie will be handled by Banxa, a firm with expertise in establishing globally compliant fiat-to-crypto gateways, and Satang Corporation, a Thailand based cryptocurrency exchange.
Satang’s fiat processing facility is incorporated into Binance’s trading platform using a recently unveiled API (application programming interface) that permits clients to deposit and withdraw baht directly to their respective accounts.
Satang CEO and co-founder Poramin Insom stated that the partnership will assist in the adoption of cryptoassets in Thailand.
Binance stated that its collaboration with Banxa also permits its clients access quicker fiat transfers with the Aussie, pound and the euro. Supported mode of payments includes bank transfers, retail and bill payments and credit cards.
Banxa CEO Holger Arians pointed out that the facility will “takes care of all regulation, compliance and chargebacks.”
Changpeng Zhao, CEO of Binance, stated that he trusts the collaboration will be profitable given the popularity of fiat currencies and the necessity for shifting from fiat to crypto.
“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. In 2020, we aim to add support for all 180 fiat currencies.”
Binance, arguably the second largest cryptocurrency exchange by average daily trading volume, continues to add more fiat currencies supported by its platform.
Earlier in January, the exchange revealed that it will facilitate euro trading against six cryptos.
In the final week of December 2019, Binance began permitting users to purchase crypto directly via Visa credit and debit cards after offering support for the Japanese yen and the Canadian dollar earlier that month.