Binance Unveils Fiat-to-Crypto Bitcoin Exchange in Singapore
Binance, a leading cryptocurrency exchange with more than $890 million in 24-hour trading volume, has announced the impending launch of its crypto-to-fiat exchange platform in Singapore, reports FXStreet on April 18, 2019.
Binance Singapore Set to Go Live
Per sources close to the matter, Binance exchange has revealed plans to launch a crypto-to-fiat cryptocurrency trading platform and exchange in Singapore in the coming days.
The exchange will initially test the waters with bitcoin (BTC) and other digital assets will be listed on the platform as time goes on, says the team.
Commenting on the matter, Wei Zhao, the chief financial officer at Binance reportedly said that the new platform which is scheduled to commence operations by next week will make it possible for Singapore residents to buy bitcoin with the nation’s fiat standard.
In his words:
“It will only support bitcoin at first, but we hope to list more cryptoassets [later on]. For a lot of these regulated regions, it’s easy to start with established cryptos that people know and understand and you can gradually build on that.”
It’s worth noting that Binance first hinted at launching a crypto-to-fiat on-ramp earlier in October 2018, after receiving an undisclosed amount from Vertex Ventures, the venture capital arm of Temasek Holdings Pte.
At the time, Zhou reiterated that Binance is determined to “build up the blockchain ecosystem and collaborate with all stakeholders in Singapore to support continued innovation in the nation’s fintech ecosystem.”
Binance Slowly Going Global
Since its launch in July 2017, the Changpeng Zhao-led Binance exchange has not looked back, expanding operations to various regions of the world, while also contributing significantly to the global adoption of bitcoin and altcoins, via its highly functional products and services.
Initially established in China, regulatory uncertainties in the region, however, forced Binance to look for greener pastures in other jurisdictions shortly after its launch and that unfavorable situation then have turned out to be a huge stepping stone for the firm, as it now has a presence in several continents including Africa.
As reported by BTCManager in July 2018, Binance partnered with the government of Uganda to create a crypto-to-fiat gateway in the state, making it the first exchange to achieve such a feat in the country.
Interestingly, according to a tweet by the Binance team on April 18, 2019, the much anticipated Binance Chain may go live any moment from now. These are exciting times indeed for Binance, BNB hodlers, and the entire cryptospace, as a successful launch of the exchange’s own blockchain network could potentially boost the price of BNB coin to a new all-time high.
At press time, the price of Binance Coin (BNB) sits at $20.69, with a market capitalization of $2.92 billion, as seen on CoinMarketCap.