Crypto exchange Binance has taken some major steps in setting new standards for cryptocurrency services. Adding support for the Ukrainian national currency, signing a memorandum of understanding (MOU) with the Ukrainian government, and implementing a cryptographic protocol for distributed key generation and signing – these are only a few achievements of the company led by Changpeng Zhao (CZ).
CZ Extends Support for Fiat Currencies
Last month, we reported that Binance added the first fiat pairs, allowing users to buy Bitcoin, Binance Coin, and BUSD with Naira, the national currency of Nigeria. Back then, CZ said that more fiat currencies would follow, and he meant it.
Yesterday, the CEO announced in a tweet that the crypto exchange platform enabled deposits and withdrawals of Hryvnia (UAH), the national currency of Ukraine. Users will be able to buy and sell cryptocurrencies with UAH starting from today.
— CZ Binance (@cz_binance) November 6, 2019
The community is excited about the news, asking CZ to add more fiat pairs.
And it’s not only about extending fiat options – Binance is now transferring its expertise to governments willing to adopt cryptocurrencies. Thus, the company signed a memorandum of understanding (MOU) with Ukraine’s Ministry of Digital Transformation to jointly create strategies for the implementation of blockchain and cryptocurrencies in Ukraine.
“As part of the cooperation agreement, the Ministry of Digital Transformation of Ukraine and Binance will set up a working group to develop a strategy for the implementation of blockchain technology and the creation of the new virtual assets and virtual currencies market in Ukraine,” Binance said in a statement on Wednesday.