Binance coin (BNB) is up over 7% on the day, as the native token of the world’s biggest crypto exchange hits a two-week high of $17.50.
Zooming out a little, the price of BNB is still down over 23% from the token’s September 18 high of $23, but after losing almost a third of its value to hit a recent low of $15 on October 7—the token has now skyrocketed over 13% in the last 2 days.
The recent price surge follows the news that Binance has launched a P2P fiat to crypto exchange service in China. The price of BNB skyrocketed 7% in 5 hours, as the exchange’s CEO Changpeng Zhao anounced that the new service had seen “significant P2P trading volumes” in the first 5 hours of its launch.
Zhao later stated on Twitter that the new peer-to-peer venture would act as a fiat on-ramp with Chinese payments giants Alipay and WeChat Pay. However, he went on to clarify that “Binance is not working directly with WeChat or Alipay,” but that, “users are able to use them in P2P transactions for payment.”
The exchange’s new futures offering, Binance Futures and Binance JEX, have also been on a steady ascent. The daily trading volume between the two platforms is now around $500 million—not bad given that the new derivatives offering launched less than one month ago. In comparison, Binance’s spot markets did around $1 billion worth of trading volume today.