On August 31, Mariángel Garcia, Binance’s Latin American community manager, revealed on Twitter account that Venezuelans can now recharge their balances or add credit to their phones. However, the exchange representative’s lesson shows that this function is also available for other countries in the region and around the world.
It’s reasonably easy, as Mariángel pointed out: “It is now possible to pay for your phone rent with binance; to do so, go to the app, scroll up to the mobil top-up option, enter your phone number, and then select the phone company you use; you can do this in many countries, but I choose Venezuela. after all the plans appear, there are several prices that go from $ 13, there are other cheap ones of $ 3, and the most expensive plan is around $ 37 so there are many options, finally, it will ask you to send an email so that you receive the confirmation and at the end, you will get the payment.”
Although the payment appears to have been made with BUSD, the Binance platform’s digital currency, it is not possible to do so with other assets such as Bitcoin, Ethereum, or USDT. It is necessary to convert these cryptocurrencies into BUSD in order to use this capability, which is not difficult to do but does cost money.
This service meets a significant demand among Venezuelans, who use the world’s most important exchange as one of their preferred methods of preserving value in the face of the Latin American country’s long-term inflation.
In a recent interview, the spokesperson mentioned that: “Binance p2p’s total trading volumes have already exceeded local bitcoins, reaching around $ 400 million in the first quarter of 2020. our monthly trading volume exceeds $ 200 million right now. Additionally, we now have 450 traders exchanging cryptocurrencies for 24 different fiat currencies.”
The volume of Bolivar trade in Venezuela has grown 300% in only 3 weeks, making it one of our fastest-growing markets. The offer available through BINANCE P2P for Venezuela is greater than that for other countries such as Peru and Colombia even if we only look at the number of active ads.
Venezuelans, who clearly have a substantial portion of the Binance market for Latam, should not be surprised by this fantastic news. BeInCrypto published the first time that Binance permits cryptocurrency to be used to recharge mobile phones in Venezuela.
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