The world’s largest cryptocurrency exchange by trading volume, Binance, has recently announced that its new subsidiary, Binance Singapore, will come online in April. The announcement marks a big move for Binance, as well as for the citizens of Singapore.
— Binance (@binance) April 4, 2019
According to the announcement, this will be Binance’s next fiat-to-crypto exchange, meaning that it will allow the purchase of cryptos through means other than USD.
Binance recognized the need to make the crypto space more approachable to the world, especially since most exchanges only accept USD — a fiat currency that is not used as a default currency in most parts of the world. However, the US dollar remains one of the most used and most popular traditional currencies due to its universal nature, which is why exchanges opt to use it for buying and selling digital currencies.
Binance has already launched one fiat/crypto exchange earlier this year, in January. Binance Jersey, as it was named, focuses on European markets, and it allows EU citizens to buy Bitcoin and Ethereum in exchange for EUR and GBP. Now, Binance Singapore will serve the same purpose in Singapore, where people will be able to enter the crypto space through SGD.
Binance’s ongoing evolution
The move comes as the next step in Binance’s plan to expand and open fiat-to-crypto subsidiaries on all continents around the world. That way, the world’s largest exchange would establish a worldwide presence and secure its dominance in the world of crypto trading.
The exchange also has its own cryptocurrency, Binance Coin, which serves as the native coin in Binance ecosystem. The use of the coin grants additional benefits, such as lower trading fees, and the ability to purchase new tokens launched on Binance Launchpad — a platform created for holding token sales and promotion of new crypto projects.
Further, the exchange has released a test version of its own blockchain, Binance Chain, which is also expected to go live in the following months. This would allow Binance to also launch a decentralized version of its exchange, called Binance DEX. Achieving these goals would allow Binance to evolve from a simple exchange, albeit world’s largest, into a real crypto community, where blockchain would support development of new projects, while the DEX would attract crypto enthusiasts from around the world.
Further, with fiat-to-crypto exchanges on different continents, the exchange will be in a unique position to invite others to join the crypto space. The interest in crypto continues to grow, but the methods of actually obtaining coins still lack efficiency. This is what Binance is hoping to change with its new subsidiaries, which is why Binance Singapore announcement is a big step in the right direction for the exchange.
Binance ecosystem hit another exciting milestone only yesterday, when its subsidiary, Binance Jersey, announced that it is now finally listed on CoinMarketCap — one of the largest crypto-tracking websites in the world. CoinMarketCap offers a number of details regarding various coins, such as their price in real time, as well as information regarding their market cap, past performance, trading volume, and more.
However, the website also offers similar information for the large, recognized exchanges, and entering the list was a big move for Binance Jersey, which is currently in the process of settling up and expanding its list of offered cryptocurrencies.