Traders in Vietnam who prefer to use the peer-to-peer trading application from Binance can now do so in their native currency, the dong. At press time, it took over 23,000 dong to make a US dollar.
The fiat currency can be traded against Bitcoin, Ethereum, Binance Coin, and Tether. Binance, who supports a myriad of cryptocurrencies on its flagship platform, always has the option to add more.
Vietnam has been a hotbed for blockchain development, with a permissive government and an affordable cost of living. This reporter once talked to the CEO of Komodo, a blockchain project that is based in Vietnam. Like many such projects, its founder and the vast majority of its team were not from Vietnam.
Peer-to-peer trading lets people with local currency get in on the global economy with a quickness. Trades can be created on the platform and settled in person. In this way, it’s not so different from many other peer-to-peer trading platforms, although LocalBitcoins eventually got rid of its in-person trading.
No matter how advanced the assets being traded, in-person options will always be important. The Bitcoin ATM has played an important role in mass adoption of Bitcoin, which still has a long ways to go. The network of Bitcoin ATMs grows by the year, and sees a lot more usage when interest in Bitcoin spikes.
Such staples of the trade can play an important role during boom times. As people get interested, it’s good for them to have a physical location at which they can interact with cryptocurrency.
Binance has previously done the same for the Chinese Yuan. It has yet to add direct support for any western currencies, although it is creating more on-ramps for fiat currencies, including the Australian Dollar and others.
Let Binance Be Your Bank: Binance CEO
Decentralized exchanges may be the future, but to date, none have risen to replace the likes of Binance and Coinbase, who still represent a large portion of the global Bitcoin trade between them.
Increasingly, they both act as the primary on-ramps to cryptocurrency, with people having more options to buy and hold the currency between them.
Binance CEO Changpeng Zhao recently said that it’s probably safer to use an exchange, with insurance, to hold cryptocurrencies, rather than holding your own private keys.
Many hardcore crypto ogs advocate storing your own keys. But the truth is, today most people are not able to secure a key even from themselves (losing it). A trusted centralized exchange is #SAFUer for most people. The numbers speak for themselves.
Need to work on wallets. https://t.co/bsX3Ea5WCD
— CZ Binance (@cz_binance) January 19, 2020
It’s not hard to see how one might believe that, being at the helm of such a massive technical enterprise as Binance. Binance has, for starters, its own blockchain, token, host of exchanges, and billions of dollars.
It would seem that what Zhao is saying is that while you can be your own bank, you might as well trust him and his company to do so.