Binance, a leading cryptocurrency exchange, has listed new Japanese Yen (JPY) trading pairs, including XLM/JPY. This development is expected to bolster Stellar’s (XLM) presence in the Japanese market, potentially driving increased trading volumes and broader cryptocurrency adoption.
The addition of XLM/JPY is part of Binance’s initiative to expand trading options and improve its users’ trading experience. According to Binance, the new JPY trading pairs will be rolled out in two phases. The first phase, scheduled for January 9 at 8 a.m. UTC, includes the launch of XLM/JPY alongside APT/JPY, PEPE/JPY, and SUI/JPY trading pairs. The second phase, set for January 16 simultaneously, will feature additional pairs such as IOTX/JPY and SEI/JPY.
Also Read: Pro-XRP Lawyer Says SEC’s Opening Brief Will Not Affect a Potential Case Dismissal, Details
Zero-Maker Fee Promotion to Encourage Trading
Binance has introduced a zero-maker fee promotion for JPY spot trading to stimulate activity on these new trading pairs. This offer will specifically be aimed at the XLM/JPY trading pair and will be operative between January 9, 2021, and February 9, 2021. Binance wants to remove maker fees, but with such actions, it turns its attention to traders and helps to increase liquidity for Stellar in Japan.
Japanese Yen is Japan’s official currency and can be deposited or withdrawn by Binance Japan users exclusively. With the introduction of JPY trading pairs, users in Japan can directly trade Stellar using their native currency, which is expected to simplify the trading process and increase participation. This move could significantly strengthen Stellar’s foothold in the region, a market known for its active engagement with cryptocurrencies.
Broader Implications for Stellar (XLM)
The listing of XLM/JPY comes at a time of notable performance for Stellar, with XLM currently trading at $0.466, reflecting a 3.09% increase over the past 24 hours as per the data from CoinMarketCap. The cryptocurrency has risen by 36.35 percent in the last week, further hinting at increasing investors’ appetite for the digital asset.
Binance’s broader strategy includes expanding its offerings, as seen in its announcement to launch additional trading pairs, such as BIO/USDC and SUSHI/TRY, on January 8. This aligns with the exchange’s efforts to cater to diverse markets and improve user experiences globally.
Conclusion
Including XLM/JPY by Binance marks a significant step for Stellar in gaining traction within the Japanese cryptocurrency landscape. By pairing Stellar with the Japanese Yen and incentivizing trading through fee promotions, Binance will likely drive greater adoption and trading volume for XLM in this key market.
Also Read: FTX Creditors Race Against January 20 Deadline Amid Complex Claims Process
