Binance launches P2P Pioneer Program for Indian Rupee traders

Binance launches P2P Pioneer Program for Indian Rupee traders
Updated: 09 Sep, 2020
2 mins read

Digital assets exchange Binance launches a Peer-to-Peer (P2P) Pioneer Program for Indian Rupee (INR) traders to make better trading services and the liquidity available to Indian users. It seeks to engage P2P pioneers who trade with Indian Rupees in the P2P marketplace and bring greater cryptocurrency adoption in India.

In the program, Binance P2P traders referred to as merchants will be able to earn rewards of up to $10,000 by referring more Rupee merchants to Binance’s P2P trading platform.

Financial benefits for pioneers include 25 BUSD for each successful referral that meets the conditions for referral and 2,500 BUSD bonus for 300 successful merchant referrals.

Non-financial benefits include speaking opportunities in Finance P2P AMAs, webinars and events, VIP level upgrades after 10 successful merchant referrals, and a Merchant Pioneer badge.

The program is valid for 3 months from the day a new pioneer is approved with possibility of a 3-month extension depending on performance.

How it works

Pioneers are expected to look for potential referrals in their networks and invite them to sign up using their merchant IDs as the referrer. They will then be notified of their referee’s application for approval and both will get a follow-up notification if the approval is successful.

The merchant who made the referral then gets 25 BUSD if his referral completes two trades adding up to 7,500 INR or more while the new merchant gets paid 5 BUSD. Payouts will be made to each pioneer’s P2P spot wallet at the end of 30 days from the day they qualify for the payment. 

Binance giving greater support to crypto in India

Binance has been in the forefront of support towards development of the cryptocurrency industry in India. It launched a $50 million Blockchain for India fund in collaboration with Indian exchange WazirX in March, backed by BNB, BUSD, and WRX digital assets.

The fund is meant to incubate and invest in blockchain startups that explore blockchain technology to solve industrial and social problems.

Referral through this new pioneer program may go a long way towards expanding the cryptocurrency industry in the country as it is one with a large population interested in blockchain technology and cryptocurrency.

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Justinas Baltrusaitis

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.