TL;DR
- Binance updates its platform to include additional trading options for Mexican users.
- The move coincides with a rising adoption in the region and could drag even more people into the world of crypto.
The world’s largest cryptocurrency exchange continues to update its platform to improve users’ experience and respond to the latest trends.
Most recently, it disclosed that it will open trading and enable Spot Algo Orders Trading Bots services for the USDT/MXN pair. The service will become available on April 10.
MXN is the symbol of the Mexican peso (the national currency of the North American country). Numerous studies have shown that crypto adoption has been on the rise in the region in the past few years, with most holders aged between 25 and 34.
“Mexico stands alongside Argentina and Brazil as one of the LATAM nations that are driving the adoption of crypto across the region. In fact, the country is ranked sixteenth in Chainanalysis’ 2023 Global Crypto Adoption Index,” crypto exchange OKX added.
The introduction of a direct trading pair between USDT and MXN simplifies the process for Mexican traders to move in and out of the cryptocurrency market. They can deal with the stablecoin without having to convert their funds into USD, for example.
This lowers transaction costs, enhances the trading experience, and may potentially attract more participants in the industry.
This is not the first time Binance has announced similar updates since the beginning of the year. Last month, the company added the following pairs: BONK/USDC, FLOKI/USDC, FTM/USDC, MKR/TRY, RAY/TRY, and RNDR/BRL to Binance Spot. It also enabled trading bot services for the aforementioned.
Some of the pairs are focused on the Turkish lira, allowing locals to jump on the crypto bandwagon. Turks are even more intrigued in the sector than Mexicans, maybe because they are looking for financial alternatives to the galloping inflation and other economic setbacks reigning across the country.