Binance, the largest cryptocurrency exchange in the world, has launched its first fiat trading, starting with Nigeria’s currency Naira (NGN), a move achieved by partnering with the country’s fintech startup Flutterwave.
Flutterwave partnered with Ripple in the past, given the remittance firm opportunity to enter Nigeria’s remittance industry. The Partnership makes Nigeria the first African country to use RippleNet.
Now, Binance is offering a zero-fee promotion for Naira deposits. Through Flutterwave, Binance has opened deposits for the Nigerian Naira (NGN).
In addition to that, the exchange has added three trading pairs, namely, BUSD/NGN, BNB/NGN, and BTC/NGN. This means that users can now start depositing Naira and use it to purchase BUSD, BNB, and BTC.
In the same line, all newly registered users depositing Naira through Flutterwave into Binance are eligible to zero fees for deposits up to 36,000 NGN starting from October 24, 2019.
To make the fiat introduction prosperous, Binance has set aside around 10,000 USD worth of NGN as giveaway to new entrants across the globe. However, the fund is shared on a first-come-first-served basis.
Cryptocurrency is becoming very popular in Nigeria. The largest country in Africa has no regulatory procedure for digital currency as of now, but the newly elected Speaker of the country’s House of Assembly, Hon. Femi Gbajabiamila, promised to look into the nascent technology as soon as possible.
Flutterwave: The Only African Company to Make Y Combinator’s Most Valuable List
According to the American seed accelerator, Y Combinator (YC), Flutterwave is now the most valued company in Africa.
This was denoted in a list of 102 companies that have graduated from the accelerator.
As released by Y Combinator, each company on the list is valued at a minimum of $150 million, and the combination of all the firms made a total valuation of $155 billion.
The Nigerian based Fintech startup is the only African company made the list as the 97th most valuable company of 102 companies on the list.
Binance Joins Kakao’s Klaytn Global Blockchain Council
Recently, Binance got a means for further expansion into Asia through South Korea’s Kakao. The largest cryptocurrency exchange by trading volume got a call to join Klaytn Global Blockchain Council, a classical blockchain project powered by Kakao, the largest Internet Company in South Korea.
Going by the report, Klaytn was developed by the Kakao’s blockchain arm, Ground X, and had its mainnet launched in June 2019.
The integration of Binance into the project will give the exchange an avenue to be part of Klaytn Governance consensus node.