Binance Is Preparing To Enter Korean Market With KRW-Backed Stablecoin

The cryptocurrency news today show that the major exchange Binance is preparing to enter the Korean market for the first time. The initiative will apparently position the exchange to enter the new market with a KRW-backed stablecoin.

Official confirmation of these plans came with a company blog post on March 31, in which the Malta-based exchange said that it will soon open Binance KR for trading. The crypto-to-crypto exchange is named in that way for South Korean traders.

Binance KR will be the name of the exchange, launched on Binance Cloud and offering the ““market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls,” as the blog post said.

Binance is preparing to enter it with a new stablecoin named Binance KRW (BKRW), backed by the South Korean Won (KRW). Users will be able to trade in Bitcoin (BTC), Ethereum (ETH), and obviously the firm’s signature Binance Coin (BNB) on the new exchange. By supporting stablecoins, Binance KR will also allow Korean traders to easily convert their country’s fiat currency into BKRW.

What is very interesting right now in the Binance news is the fact that the launch of this Korean marketplace comes right on the heels of the exchange announcing the purchase of the fintech firm BxB, which is the one behind KRWb as the current and world’s first KRW-backed stablecoin. Obviously, Binance is preparing to launch everything in its full control and was hinting at a potential expansion into Korea for some time now.

According to the CEO of Binance Ltd. named Jiho Kang:

“We are committed to bringing a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together.”

The post also shows that Binance KR will open for registration and deposits on April 2 at 10:00 AM KST, while the trading will start from April 4 and withdrawals will be available from April 9.

Meanwhile, we can still see measures to prevent the spread of the coronavirus in the Korean peninsula. Authorities will soon require anyone flying into the country to remain isolated for two weeks.