VALR have announced the launch of a new ZAR trading pair: BNB.
BNB joins BTC, ETH, XRP, USDC, and SOL as ZAR pairings on the exchange, allowing users to trade the asset directly with South African Rands using the full power of VALR’s functionality. Thus far, VALR’s ZAR pairs have seen a cumulative trading volume of over R108 billion ($7 billion).
The exchange announced that BNB/ZAR trading goes live on Monday, 7 March, at 10:15am.
Stages of BNB/ZAR launch
The BNB/ZAR trading launch will roll-out over four stages.
VALR state that they may keep any particular stage open as long as is needed to ensure a healthy market dynamic, and ask users to follow their Twitter account where announcements will be made as the launch progresses through each stage.
Deposit BNB and ZAR (already open): Customers can already fund their VALR accounts with BNB and ZAR.
Post-only (7 March, 10:15 am): In this stage, starting at 10:15 am, customers will be able to post buy-orders and sell-orders on the Exchange Buy/Sell screen. No matching (or completion) of trades will be allowed, which will give time for the order book to fill up with sufficient liquidity from traders. This stage will last a minimum of 10 minutes.
Limit-only (at least 10 minutes after Post-only stage): In this stage, VALR customers can only place limit orders on the Exchange Buy/Sell screen (market orders and the Simple Buy/Sell feature will not yet be enabled). During this stage, orders will be allowed to match. This stage will last at least 1 hour.
Full trading (at least 1 hour after Limit-only stage): All trades, including market orders and Simple Buy/Sell orders will be allowed.
With a large following in Southern Africa, BNB Chain has become a popular network for users seeking small cap coins on its DEX platforms, as well as becoming a popular NFT alternative to the more established Ethereum.
A dApp project launched by Binance in 2018, BNB Chain was originally branded as Binance Smart Chain, but a recent strategy shift saw the name change announced in February this year.
VALR becomes the second exchange in Southern Africa to launch a BNB pair, after AltCoinTrader introduced a BNB/ZAR market in 2020. The benefits for cryptocurrency enthusiasts in having another BNB market in South Africa are numerous, and will go a considerable way in the expansion of the industry in the country.