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Binance Opens Trading for Russian Ruble

Binance Opens Trading for Russian Ruble

  • Trading for the Russian Ruble (RUB) was added to the US trading market by Binance.
  • They opened trading for four trading pairs, as per the announcement made on December 2, 2019, on their blog.
  • Binance CEO CZ sees massive potential in Russia as an emerging cryptocurrency hub.

Trading for the Russian Ruble (RUB) was added to the US trading market by Binance. They opened trading for four trading pairs, as per the announcement made on December 2, 2019. The four trading pairs are BNB/RUB, BTC/RUB, ETH/RUB, and XRP/RUB.

Binance CEO Changpeng Zhao has previously emphasized on the importance of Russia in the cryptocurrency market and blockchain industry especially considering the glut of computer science talent in the country. In fact, he even called Vladimir Putin as the most influential person in the blockchain industry.

This is not the first time Binance is dealing with the Russia Ruble. In fact, they have previously launched the fiat gateway for the Ruble via AdvCash which is a payment provider. However, the decision of opening it for trading in the US Trading market was made after Zhao’s trip to Moscow. He also displayed an interest in hiring local Russian developers.

Binance has frequently been in the news recently for making quite a few significant developments in the crypto market including adding support for the Turkish Lira and the Nigerian Naira.

Russia, like China, is looking to grow an economy that is not dependent on the U.S. Dollar and even counters it. In fact, the head of the Russian Direct Investment Fund [RDIF], Kirill Dmitriev, while speaking at the BRICS Summit last month, had informed of the five countries examining the formation of typical crypto for common installments trying to decrease the portion of installments in USD.

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About Prerna Sengupta

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Prerna Sengupta is a writer for Thecoinrepublic. She is a law student at NALSAR University of Law, Hyderabad. She is interested in Tech Law and is especially keen on cryptocurrency, blockchain, and Bitcoin. She hopes to pursue this field in the future as a lawyer.

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