Binance Expands Trading Pairs to Include ACH/TRY and XVS/TRY
Binance, the world’s leading cryptocurrency exchange, recently announced the addition of two new trading pairs: ACH/TRY and XVS/TRY. These pairs represent the Alchemy Pay (ACH) and Venus (XVS) cryptocurrencies paired with the Turkish Lira (TRY). This move further expands the trading options for its users and reflects Binance’s commitment to increasing accessibility and diversity within the cryptocurrency market.
New Trading Pairs Boost Alchemy Pay and Venus
The addition of these new trading pairs adds value to the Alchemy Pay and Venus tokens. Alchemy Pay is a hybrid cryptocurrency and fiat payment gateway that enables businesses worldwide to accept payments from various sources, such as credit cards, digital wallets, and cryptocurrencies. Alchemy Pay’s mission is to streamline and simplify the current complex payment ecosystem and bring seamless transactions to businesses and consumers alike.
On the other hand, Venus is a decentralized finance (DeFi) platform on the Binance Smart Chain (BSC). Venus offers its users a suite of DeFi services such as lending, borrowing, and earning interest on their cryptocurrencies. By allowing users to lend and borrow various crypto assets, Venus aims to create a global, borderless financial market with competitive interest rates, reduced fees, and increased accessibility to financial services.
Although Alchemy Pay and Venus are relatively new projects in the cryptocurrency space, their unique solutions make them attractive to investors and traders. The ACH/TRY and XVS/TRY trading pairs also establish a direct connection between these cryptocurrencies and the Turkish Lira, which opens up new opportunities for both tokens and potential users who prefer to trade and invest in their local fiat currency.
Increased Access to the Turkish Market
By introducing these new trading pairs, Binance is targeting the fast-growing cryptocurrency market in Turkey. The country has shown increased interest in crypto investments, partly due to the falling value of the Turkish Lira and a search for alternative financial assets. Turkey hosts more than 70 active cryptocurrency exchanges and an estimated 5 million active cryptocurrency traders.
Taking a closer look at the Turkish market, recent statistics reveal that around 16% of Turkish residents own cryptocurrency or have previously invested in the digital asset class. This percentage is one of the highest rates of adoption in the world. Observers attribute Turkey’s rising cryptocurrency adoption to several factors, including increased concerns about inflation, currency devaluation, and limited access to foreign investments due to capital controls. As a result, the addition of the ACH/TRY and XVS/TRY trading pairs on Binance could lead to a further rise in Turkish crypto adoption.
Binance’s Continued Expansion and Commitment to Local Markets
Binance’s introduction of the ACH/TRY and XVS/TRY trading pairs is a part of its broader strategy to cater to local markets and provide users with more fiat-based trading options. Binance has actively pursued this strategy by expanding its fiat on-ramp capabilities, allowing users to purchase cryptocurrencies using their local currencies directly.
The integration of these new trading pairs is a clear sign of Binance’s dedication to offering traders local currency access, making it easier and more convenient for users to trade cryptocurrencies in their home currencies. Binance has also recently launched trading pairs for currencies like the Brazilian Real (BRL), the South African Rand (ZAR), and the Ukrainian Hryvnia (UAH), among others. By adopting a more localized approach, Binance aims to build trust and loyalty among users while enhancing the cryptocurrency trading experience worldwide.
Providing users with the power to trade in local fiat currencies helps reduce reliance on major currencies, such as the US Dollar, thereby giving more control to local economies. This localization effort allows users to access more versatile trading options and makes it simpler for them to diversify their investments.
The addition of the ACH/TRY and XVS/TRY trading pairs on Binance signifies the exchange’s commitment to expanding its trading options for users and accommodating their desires for an increasing number of trading pairs. This move demonstrates Binance’s intent to become even more user-focused and cater to the unique needs of various markets, such as Turkey.
As Binance continues to expand its trading pairs, support local fiat currencies, and feature a wider range of cryptocurrencies, it strengthens its position as the world’s leading cryptocurrency exchange. This expansion also highlights the growing significance of cryptocurrencies as a global asset class and their increasing impact on the global financial landscape.
Users can now begin depositing Turkish Lira (TRY) to their Binance accounts and start trading ACH/TRY and XVS/TRY, taking advantage of this exciting opportunity to diversify their investments and participate in the growing crypto ecosystem.