Binance launching Fiat currency into crypto market-Binance which is a one-year-old startup which came into light from nowhere to one of the world’s top crypto exchange is making significant growth in the crypto world. Since its debut from mid-2017 Binance made an aggressive growth in terms of daily trading volume. Binance started a number of blockchain startups called Binance Labs, Binance Charity and a prototype for a decentralized exchange.
Earlier in this month, Binance announced that it wants to enter in the new phase of its business. It officially launched a Fiat cryptocurrency exchange in Singapore through Singaporean dollar fiat integration. This enables the users of Singapore to deposit and withdraw the Singaporean dollar by trading cryptocurrencies with the national currency.
Yi said how binance will launch a fiat equipped trading platform in Singapore. She also mentioned the country’s Regulatory issues around crypto and the current state of the cryptocurrency market.
Yi, He said “Our mission at Binance is to contribute to the development of the blockchain industry by building the infrastructure for the ecosystem. Fiat currencies are a very important part of blockchain transactions. By launching a fiat exchange, we hope to provide users with more complete user experience, and enable not only the exchange and transaction of fiat currency but also future investments in blockchain projects, media, education and other blockchain fields.”
To find a perfect and trustable banking partner local regulations:
In order to have a fiat-enabled trading platform in Singapore, finding a trusted banking partner becomes an important task. These trading platforms need constant banking service providers in order to operate the process of depositing and withdrawing Singaporean dollar to and from exchanges. Since Singapore has a strict Know Your Customer (KYC) and Anti-Money Laundering (AML) systems with local regulations. She also stated this new phase of business will help many local financial regulators.
She stated “Singapore is a global financial center that has a developed economy and is politically stable. On top of that, Singapore has a high degree of insight and judgment into both finance and the Internet. We are looking forward to working with leaders in the space and will undergo KYC and AML procedures in strict accordance with local regulations, and we will cooperate in full accordance with the bank’s specifications.”
But with already existing regulations which support cryptocurrency, it led to large scale cryptocurrency related businesses. For instance, Kakao, the biggest Internet conglomerate in South Korea announced to establish a blockchain venture in Singapore. Which has expanded the crypto market in Asia. With the present developments of cryptocurrency related businesses. Yi, He stated that there are a large number of business opportunities in Asia.
Yi added “I believe Singapore will also play a significant role in the blockchain industry. Many countries and regions with highly developed financial industries lack a direct relationship with their people. Yet blockchain technology is decentralized at its core and has no geographical restrictions. For the forward-looking governments that value technology, this is a rare and exciting opportunity.”
Present crypto market and opportunities for Binance:
Binance launching Fiat currency into crypto market-Binance has been exponentially increasing daily and now has the largest trading volume worldwide. It was initially founded in China but later it moved all its operations to Japan then Malta. This is due to political and legal issues of respective countries. Binance, which boasts of more than 10 million users, is expected to end the year with an estimated $1billion profit. Binance also revealed that it wants to move into unfamiliar cryptocurrency places like Bermuda and Africa. Which are characterized by underdeveloped financial systems.
But, the current market of cryptocurrency Bitcoin had the fourth worst correction in its nine-year history, as Bitcoin dropped to 69 percent from its all-time high of $19,500.
But still Yi He said that CZ (Changpeng Zhao, CEO of Binance sold his house in order to purchase Bitcoin) was hardly shaken by his decision, but the price of property he sold doubled over the years. Yi is still highly confident in the cryptocurrency industry and stated
“I am full of confidence in this industry – and typical for those who feel this way, I am devoting my all to this industry. Nearly all Binance employees are receiving part of their salaries in BNB, and many have heard how CZ sold his house to buy bitcoin years ago,” Yi said. “In fact, just two years after he purchased the bitcoin, that house had doubled in value, yet the price of bitcoin had crashed immensely. CZ never doubted and was hardly shaken, and my personal assets are basically all held in cryptocurrency to this day. This is faith.