Earlier today, Binance announced the launch of its Peer-to-Peer (P2P) Merchant Program, a user-oriented fiat currency trading platform.
How the program works
In the Jan. 21 press release, the crypto exchange cites increasing demand of global users and a need for higher liquidity as prods for the P2P creation. Binance CEO Changpeng Zhao said:
“In the past quarter, there has been increasing growth in trading volumes on Binance P2P platform, and we have constantly received requests for more fiat-to-crypto access from our global community. To meet the growing users demand, we are seeking credible merchants for Binance P2P trading platform globally.”
According to Coin360, Binance has experienced over 30% growth in trading volume over the past month. The Hong Kong-based firm shows the largest average monthly traffic, with over 18 million users.
Merchants on the iOS- and Android-enabled platform earn money when they post fiat currency trading advertisements. Binance providers users with support, and there are no transaction fees.
Who uses the program
The company — whose United States arm, Binance.US, released its app earlier this month — launched its P2P trading platform in October 2019. At the time, merchants joined strictly through invitation and referral. Now, the merchant program is available through open enrollment. The quality of user experience is reportedly controlled through an “elimination mechanism.” According to Binance, promotional activities will become available to users in the future.
CryptoNewspeople contacted Binance.US for comment though hadn’t received any at press time. This article will be updated upon receipt of a response.
Yesterday, CryptoNewspeople reported on the P2P platform’s inclusion of the Vietnamese Dong as another important step in decentralization.