A U.K. payments startup is adding fiat gateways for Binance Chain BEP2 tokens to connect them with the banking network in the U.S., U.K., the EU and India.
United Kingdom-based startup Cashaa has developed a fiat gateway for BEP2 tokens on Binance Chain. Announced on April 9, the integration would let users sell and buy tokens directly for fiat currencies.
Specifically, Cashaa will support the U.S. dollar, the U.K. pound sterling, the euro and the Indian rupee. The fiat gateway would connect to common banking networks for each respective currency, such as the Faster Payment Service in the U.K., the Single Euro Payment Area network in the European Union, India’s National Electronic Funds Transfer and Automated Clearing House payments in the U.S.
Limited support for the global SWIFT system will be available for the pound sterling as well.
The gateways are expected to be live on April 12 for most payment systems. The U.S. dollar is an exception, with support planned for May.
Cashaa’s system can also be used by businesses to create additional financial services for Binance Chain tokens, such as crypto debit cards.
It is worth noting that Binance Chain tokens do not automatically become available for the fiat gateway. Each individual project will need to apply for the program.
More fiat on Binance
Cashaa’s efforts add to a constant stream of fiat gateway additions to the Binance ecosystem.
Binance’s latest efforts in March include the addition five new fiat currencies in Latin America, as well as the South African rand. In February, it added 15 new currencies through an integration with Simplex.
This is all part of a strategy announced by Binance CEO Changpeng Zhao, who at the beginning of the year said that the exchange plans to add fiat gateways for more than 180 countries.
