Binance, the largest cryptocurrency exchange in the world, plans in 2020 to expand support on its platform to all of the approximately 180 fiat currencies currently available. This is part of one of the company’s main goals for the year: bringing cryptocurrencies to the masses.
“To this end, our goal is to allow the negotiation of fiat currency for encryption to more than 180 fiat currencies”, said the company’s CEO Changpeng Zhao in a statement.
The plans can be considered bold, as Binance currently has a total of 19 currencies. Among them are included the US dollar, euro, renminbi, ruble and real.
In the current listing, there are currencies that are not yet supported by Binance which serve large markets such as yen (Japan), rand (South Africa), won (South Korea) and Dirham (United Arab Emirates).
Binance worked on the project in 2019
According to the CEO, this expansion has been conceived by Binance and its team throughout 2019 to enable the success of the project in 2020. CZ compared the process in the year that passed with the “construction of a base for a large building”. The comparison means that work, though really hard, is not always apparent.
“A tall building needs a deep base. When working at the foundation, many people do not see the work that happens underground and cannot imagine the height of the building. Some trained eyes, however, can accurately estimate the size of the building just by looking at the foundation”.
The company has passed through China, Japan, Taiwan until its global headquarters was established in Malta, the European archipelago in the Mediterranean Sea. In addition, in October 2019, the company opened offices in Uganda and Singapore.
The executive also said that cryptocurrencies work as a tool of financial freedom. By the way, this concept is actually especially cherished to the first-hour digital currency enthusiasts – such as the bitcoin.
“Cryptocurrency is that freedom for millions of people today and billions more tomorrow. For that reason we’re here to allow access to crypto. We hope that soon everyone will have access it”.
Binance’s executive also said that investments will be made in digital security, research and philanthropic issues, among other sectors.