Is Binance Trying to Become Crypto Standard for the World?

Bitcoinist November 8, 2019
Updated 2019/11/08 at 10:41 AM
4 Min Read

Crypto exchange Binance has taken some major steps in setting new standards for cryptocurrency services. Adding support for the Ukrainian national currency, signing a memorandum of understanding (MOU) with the Ukrainian government, and implementing a cryptographic protocol for distributed key generation and signing – these are only a few achievements of the company led by Changpeng Zhao (CZ).

CZ Extends Support for Fiat Currencies

Last month, we reported that Binance added the first fiat pairs, allowing users to buy Bitcoin, Binance Coin, and BUSD with Naira, the national currency of Nigeria. Back then, CZ said that more fiat currencies would follow, and he meant it.

Yesterday, the CEO announced in a tweet that the crypto exchange platform enabled deposits and withdrawals of Hryvnia (UAH), the national currency of Ukraine. Users will be able to buy and sell cryptocurrencies with UAH starting from today.

Boom, nice timing! Just a few hours ago, $UAH deposit and withdrawals are enabled on @binance. Buy/Sell of crypto using $UAH will be enabled tomorrow.

Check it out, #Ukraine! ??????

— CZ Binance (@cz_binance) November 6, 2019

The community is excited about the news, asking CZ to add more fiat pairs.

And it’s not only about extending fiat options – Binance is now transferring its expertise to governments willing to adopt cryptocurrencies. Thus, the company signed a memorandum of understanding (MOU) with Ukraine’s Ministry of Digital Transformation to jointly create strategies for the implementation of blockchain and cryptocurrencies in Ukraine.

“As part of the cooperation agreement, the Ministry of Digital Transformation of Ukraine and Binance will set up a working group to develop a strategy for the implementation of blockchain technology and the creation of the new virtual assets and virtual currencies market in Ukraine,” Binance said in a statement on Wednesday.

Few exchanges could boast about cooperating with governments on crypto adoption, especially when most of them are wary of cryptos.

Binance Cannot Keep Up with Updates

In the last few days, the Malta-based exchange hit multiple milestones, with CZ tweeting a long list of achievements of the previous 24 hours.

@GBinance bums off a photo with @Akon
$UAH enabled on @Binance
@binance lists @arpaofficial (community vote winner)
@BinanceAmerica lists $VET
@Binance Futures release stop market orders#onwards

— CZ Binance (@cz_binance) November 7, 2019

One of the accomplishments is the implementation of the so-called Threshold Signature Scheme (TSS), a cryptographic protocol for distributed key generation and signing. It improves the security of crypto funds and information. TSS is now compatible with ECDSA-based blockchains (that apply the Elliptic Curve Digital Signature Algorithm), such as Binance Chain, Bitcoin, and Ethereum networks.

Do you think Binance is setting the standard for crypto exchanges? Don’t hesitate to share your thoughts in the comments section!

Images via Shutterstock, Twitter: @cz_binance

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