Binance will roll out support for Alipay and WeChat, potentially providing a fiat on-ramp for over a billion people.
The feature will help Binance make strides in China after it launched a peer-to-peer trading platform in the country.
The feature, which rolled out on Oct. 9, will enable users to trade BTC, ETH, and USDT against the Chinese yuan.
Tencent's WeChat, which enables users to send and receive payments, had more than 1.1 billion active monthly users as of June 2019.
According to Chinese research company Trustdata, Alipay had 608 million monthly active users earlier this year.
All of these users could now, in theory, use their Alipay and WeChat accounts to purchase cryptocurrencies.
Binance is not directly affiliated with either one of the companies.
Binance's CEO Changpeng Zhao said that, instead, users on the Binance P2P platform will be able to accept WeChat and Alipay transactions from other users looking to buy or sell cryptocurrency.
Despite the overwhelming support the announcement received on Twitter, many users pointed out that Binance hasn't been unblocked in China.
The exchange's native cryptocurrency, Binance Coin, surged after the news broke, rising 9.7 percent in a matter of hours.
Binance adding Alipay and WeChat on-ramps easing crypto access for 1.4 billion Chinese
Published on Oct 9, 2019
by Cryptoslate | Published on Coinage
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