Binance Says Listing Bolivar Amid Venezuelan National Economy Troubles

Binance Says Listing Bolivar Amid Venezuela’s National Economy Troubles

Major cryptocurrency exchange, Binance, announced that it will be listing the Venezuelan Bolívar (VES) against BTC, USDT, ETH, BNB, BUSD, and EOS in peer-to-peer trading platform, with no fees attached.

Exchange customers can now search for local P2P merchants with stable sources of crypto-currency and trade them for VES. There are no security deposits, and no transaction fees, according to Binance.

Venezuela has tackled numerous economic and political crises in recent years. These have involved government measures to control the country’s foreign currency circulation.

The Bolívar was heavily devalued as a currency, and now shows a conversion exchange of VES 121,653 per $1. As of the press time, the inflation rate of VES remains at 9585.50 percent.

VES Trading Volume Hits Fresh All-Time Highs in 2019

Marketing and Community Manager for Binance in Latin America, Mariangel García, praised the announcement, noting that Venezuela joins Colombia, Peru, Mexico and Argentina on the P2P trading platform. She gave the following observations:

“We are pleased, as the Venezuelan public has been extremely receptive, we have a great community in the country, and we are delighted with the support for our P2P platform. We will continue working to make the user experience a very rewarding and safe one.”

According to Coin Dance data, Bolívars volume hit an all-time high in December.

Venezuelans traded nearly 637 BTCs during the month, worth around 205 billion bolivars at the time of press ($4.4 million). Another Latin American representative at Binance highlighted global growth in bigger markets:

“Our motivation is to make the largest crypto ecosystem in the world and that our services are available throughout the planet, that’s why we are expanding to Venezuela and other countries. (…) Venezuela is an extremely strong market for cryptocurrencies in Latin America, but as previously mentioned, we have also opened market options for other countries in the region, to increase the inclusion and adoption of cryptocurrencies in the continent through a reliable and quality service.”

García stated, owing to the COVID-19 pandemic, that on-site meetings are being halted until the situation passes. These aimed to promote the listing of VES in all of Venezuela. Meanwhile, they will hold virtual meet-ups in their place.

As to the primary motivations behind Binance’s VES listing, Mariangel stated:

“Basically Binance’s vision and mission, we work very hard to bring financial freedom to many people. Our mission is to build a global ecosystem, so we are focused on adding more fiat currencies. Venezuela is no exception, we are pleased to satisfy our community, and we want more countries to enjoy our services.”

García said their Latin American users would hopefully receive more news about their plans for expansion soon.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.