On Wednesday (February 5), crypto exchange Binance announced support for “Russian Ruble (RUB) Instant Buy” and the upcoming launch of a new “cross collateral function” on Binance Futures.
Binance’s announcement about BNB “instant buy” support says that users with RUB-based Visa cards can now directly buy crypto (currently, BTC, ETH, BNB, or XRP) with the Russian ruble.
Here is what users need to do:
- visit the “Buy and Sell Cryptotocurrency” page, which was launched in November 2019, to specify how much fiat they want to spend and which cryptocurrency they wish to buy;
- click/tap “Add a new card” button on the “Select payment method” page.
- Specify card number, expiration date, and security code (CVV) for the debit/credit card they wish to add.
Binance says that the “instant buy” feature enables users to “complete their crypto purchases in under a minute, without needing to deposit first.” It also says that it plans to add support for Mastercard and additional currencies in the near future.
Another interesting announcement that Binance made today was the launch of $BUSD “cross collateral function” on its futures trading platform Binance Futures (which went live in September 2019).
Binance Futures will be adding this function to its Futures wallet interface starting at 12:00 (UTC) on 5 February 2020. This will allow users to borrow Tether (USDT) interest-free using the BUSD they have in their Exchange wallet as collateral (which means eliminating the need to transfer BUSD to their Futures wallet).
According to a press release shared with CryptoGlobe, Aaron Gong, Director of Binance Futures, had this to say:
Cross Collateral is a much-anticipated feature for traders on Binance, allowing more flexibility and more choices of deposits to open futures positions. Our initial Cross Collateral offering will be BUSD, our flagship stablecoin, and we will introduce additional accepted tokens in the near future.
Featured Image by “designerpoint” via Pixabay. Screenshots courtesy of Binance.
