Binance’s new USD to crypto pairs set to boost altcoins
The world’s largest cryptocurrency exchange has announced it is introducing new US dollar to altcoins trading pairs.
This news is a welcome move for many cryptocurrency traders as its often difficult to purchase altcoins using fiat currencies.
On the other side of the coin, it will allow investors the opportunity to transfer cryptocurrencies into fiat currency.
Currently, a lot of traders are limited to using an exchange such as Coinbase as a gateway from their fiat bank account.
Another option for Binance users has been to purchase the controversial Tether (USDT) which can be traded for a handful or cryptos on the platform.
Good news for altcoins
Investors are already expressing their delight regarding the report.
Speaking to The Bitcoin Pub, one investor said:
“Very excited for this, won’t have to worry about USDT anymore!”
Another investor says it’s a sign of a shift in the market, adding:
“Coinbase are losing their market dominance.
“Bittrex has also mentioned it will be offering fiat deposits soon as well.”
Both of these digital assets are trying to win approval for listing on US-based cryptocurrency exchange Coinbase.
To date, Ripple and Verge have so far been unsuccessful.
Coinbase currently allows “USD crypto” trading pairs, but it’s limited to the four cryptos they have on their platform.
So keen is Ripple to win approval, the company has reportedly been offering Coinbase payments to secure a listing.
Due to fears that Ripple may be classified as a security token by the US Government, Coinbase is holding off.
The SEC (Securities and Exchange Commission) is warning cryptocurrency exchanges to avoid listing unregistered securities.
Ripple maintains that XRP is not a security token.
A listing on Coinbase would undoubtedly boost the cryptocurrency, however.
XVG/USD and XRP/USD trading pairs on Binance will inevitably increase the trading volumes for both Ripple and Verge.
It may also open doors to more investors, which could cause prices to surge as a result.