Fiat to Digital Deposits and Withdrawals for Cryptocurrency Exchanges – Can Binance’s third party method work for smaller exchanges?

Colleagues, unlike Bitfinex the market cap leading Binance exchanges requires investors to convert their fiat currencies using third party portals localbitcoins.com, otcbtc.com or Bitfinex. By contrast Bitfinex does allow direct fiat currency deposits which are then converted to cryptocurrencies … which if desired can then be transferred to other crypto exchanges. Here is the issue: What happens to Binance market cap and trading volume if one or more of their fiat currency “on-ramps” fails? Case in point is the bug in the Bitfinex deposits processing system last week which rendered their deposits on ramp unavailable. Fortunately, they have resolved this problem with the implementation of a new “distributed banking solution”. Ease of use – for both fiat to crypto deposits and crypto to fiat withdrawals – is yet another critical success factor (primarily for individual investors) which needs resolution if cryptocurrencies are to penetrate the mass market. The development of user friendly processes will greatly benefit the global crypto ecosystem. Post a comment today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)