Cashaa, a UK-based startup, has developed a fiat gateway on the Binance Chain for BEP2 tokens. The integration would allow users to sell and buy tokens directly for fiat currencies.
In particular, Cashaa will back the U.S. dollar, the U.K. Sterling pound, euro and Indian Rupee. The fiat gateway would connect to common banking networks for each currency, such as the UK’s Faster Payment Service, the European Union’s Single Euro Payment Area Network, India’s National Electronic Funds Transfer and the US’s Automated Clearing House Payments.
Limited support will be available for the pound sterling also for the global SWIFT system.
For most payment systems the gateways are expected to be live on April 12. An exception is the US dollar, with support scheduled for May.
Businesses can also use Cashaa’s system to create additional financial services for Binance Chain tokens, such as debit cryptocards.
It is worth mentioning that for the fiat gateway, Binance Chain tokens are not automatically available. For the program, each individual project will have to apply.
More Fiat Gateways on Binance
Cashaa’s efforts add to a continuous stream of additions to the Binance ecosystem by fiat gateways.
Binance’s latest March efforts include the addition of five new fiat currencies in Latin America, as well as the rand in South Africa. It added 15 new currencies in February, through Simplex integration.
This is all part of a strategy announced by Binance CEO Changpeng Zhao who said the exchange plans to add fiat gateways for over 180 countries at the beginning of the year.
Cryptolydian reported last March that, popular crypto exchange Binance holds $1 billion worth of ERC-20-based stablecoins.
The firm owns $1,007,585,549 worth of stablecoins, compared with around $105,583,132 over the past seven days, according to data issued by Nansen.
Meanwhile, Huobi’s balance of stablecoins amounts to just over half the sum: $694,327,505, with a rise of $165,823,720 over the same seven-day period.