Binance has reportedly signed several agreements with new fiat partners for EUR payments, deposits, and withdrawals.
According to a blog post from Binance, Users are already migrating to these new services.
As explained in the announcement, fiat channels are an important factor in “driving crypto adoption around the world – millions of Binance users have easy access to fiat channels.”
Binance further noted in the update that it is “introducing new fiat partners to provide EUR services to users in Europe.” The blockchain firm reveals that it has entered agreements with a number of new regulated and authorized fiat partners in order “to provide a variety of fiat services to our community. Users have already started being migrated to the new services.”
Fiat services offered by these new fiat partners to our users include:
- EUR deposit and withdrawal via Open Banking and SEPA/SEPA Instant
- buying and selling crypto via SEPA/SEPA Instant
- buying and selling crypto with bank cards
- buying and selling crypto with fiat balances
- EUR spot pairs for all users
According to Binance, fiat partners are very important to its business operations/platform.
The firm noted that being able “to easily convert fiat to crypto, and back to fiat again, is a crucial part of advancing the adoption of digital assets globally.”
Binance added that without an easy way “to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating.”
The company also mentioned that “offering fiat services provides essential ease of use to all participants in the crypto ecosystem.”
For a centralized exchange, ease of use and growing crypto adoption “are principal goals. Having fiat ‘on-ramps’ and ‘off-ramps’ is key to a good user experience and enabling access to Web3 ecosystems for new users and crypto natives alike.”
Binance’s mission is to “increase the freedom of money globally, and having partners that enable us to meet this goal is crucial.”
The majority of their users around the world now should “have easy access to crypto through our fiat partner relationships, giving them the freedom to choose exactly how they use their money.”