Binance, one of the largest cryptocurrency exchanges worldwide, has reached a trending topic status in the Twitter social network sphere in Venezuela. The trend before the weekend, shows just how important cryptocurrency topics are for the citizens of the country at the moment. Cryptocurrencies are extremely useful tools for Venezuelans to save their purchasing power and Binance is currently the most popular exchange in the country due to its robust peer-to-peer market. Interest in the company and its services has been peaking in the country.
To the surprise of many, Binance became a trending topic in Venezuela this Friday, with more than 200k tweets directed to several topics including the use of this popular exchange and its services in the country. While most of the tweets praised the exchange and the plethora of options it offers to its customers to manage cryptocurrencies, there was also confusion for some users related to how this system can be used to improve their economic status.
The fact of Binance becoming a trending topic in Venezuela is even more important due to the myriad of problems and situations that occupy the interest of Venezuelans each day. The issue with the International Criminal Court, which is now executing a preliminary investigation about possible crimes in several manifestations that happened in 2017, was also a trending topic this Friday, behind Binance.
While is true that Venezuela is one of the countries with more crypto penetration, cryptocurrency is still a niche for a group of users that have known them for a long time. This is why Binance is stepping in as a kind of bridge that can help introduce these new users to what crypto is and its potential uses. But they clearly have work to do: many of the tweets criticized Binance’s platform as being too difficult and obscure for the average user.
Binance has existed as a cryptocurrency exchange since 2017, and it has allowed Venezuelans to do trading in its platform since its launch with no restrictions whatsoever. At the time, Localbitcoins was the platform of choice for peer-to-peer (P2P) trading in the country, boasting the highest trading volumes in Latam. But Binance would shake the market with the launch of its P2P trading platform in April 2020, featuring fee-free P2P operations.
Just a month after its launch, Mariangel Garcia, community manager of Binance Latam, declared the platform already boasted volumes of $200 million monthly, having passed Localbitcoins in its first month of operations, without having a marketing campaign behind the service.
Now, Localbitcoins has been completely overtaken in the P2P market, reducing its volumes to a fraction of what they were during 2019, and Binance has reached mainstream recognition via marketing using different media and Venezuelan influencers in the Twitter platform.