The major cryptocurrency exchange Binance is featured on our DC Forecasts Bitcoin news site today for launching a new fiat-to-crypto exchange to Singapore later this month. First announcedo n Thursday, the news went viral.
Binance’s CEO Changpeng Zhao (CZ) was the first one to announce the news at the Deconomy event in Seoul, South Korea – in a tweet in which he said:
“#Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD [Singapore dollar].”
No further details have been provided such as which cryptocurrencies will receive trading support. Right now, the plan to set up the new trading platform was initially revealed by Zhao in September 2019 at an event in Singapore. At the time, Zhao said that Binance plans to launch fiat-to-crypto exchanges on almost every continent.
In a Medium post last October, the firm said that it was setting up the operation with the help of an investment from Vertex Ventures – adding that beta testing for the platform was already in progress in September.
Binance has been rapidly expanding its operations globally. In January 2019, it launched a fiat-to-crypto exchange on the island of Jersey (under British governing dependency) allowing users to trade Bitcoin and Ethereum against the British pound (GBP) and the Euro (EUR). The exchange also launched a new exchange in Uganda last summer.
What’s also interesting is that in another tweet, Zhao put some comments regarding the exchange’s upcoming decentralised exchange, Binance DEX, at the Seoul event, saying that the expected mainnet launch will take place this month. The platform entered its public testing phase on February 20th.
Built on the exchange’s native public blockchain, Binance Chain, Binance DEX will have a very similar interface to the already existing centralised exchange with a couple of additional features – such as an option to generate a phrase for users’ private keys, a “balances tab” that informs users of the status of their accounts as well as a “user icon” in the navigation bar that shows the specific wallet address.
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