Sep 17, 2018 at 08:17
Sep 17, 2018 at 08:17 UTC
Binance to Start Beta Testing of New Crypto-Fiat Exchange Based In Singapore
Binance one of the most popular and fastest growing blockchain and crypto asset exchange is soon going to open private beta testing for its crypto-fiat exchange in Singapore.
Binance is the largest cryptocurrency exchange platform in the world is planning to expand its network by opening crypto exchanges in all over the world. According to a recent tweet by the chief executive officer of Binance, Changpeng Zhao the company is planning to open live money trading for its upcoming fiat to crypto exchange in Singapore. Zhao tweeted that we will begin the Binance Singapore fiat exchange live money closed beta testing on September 18th.
— CZ Binance (@cz_binance) September 15, 2018
Before posting on Twitter, Changpeng Zhao revealed the plan of launching fiat exchange in Singapore in a recent blockchain conference led by Cumberland, a crypto asset specializing firm. Co-founder and CEO of crypto exchange Gemini, Tyler Winklevoss has also attended the blockchain conference.
Binance is all set to open its cryptocurrency exchanges in countries such as Uganda, Liechtenstein, Malta, and Singapore. Recently, to launch a new security token trading platform, Binance has also entered into a partnership with Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC. In August, Binance and Liechtenstein Cryptoassets Exchange (LCX) has announced a joint venture Binance LCX to launch a crypto fiat exchange in Liechtenstein to enable the trading between Euros and Swiss Francs (CHF) against major digital currencies pairs.
In terms of global Initial Coin Offering (ICO) projects Singapore is ranked as the third most favorable country in the world. Binance is palling to take that advantage by opening its crypto fiat exchange in Singapore. For Singapore, initial beta testing will be closed and will be by invitations only. It is expected that the Singapore based crypto-fiat exchange will support the Singapore dollar.
Binance has stated its operations on 1st July 2017 and soon ranked as a top crypto exchange. Currently, the estimated daily trade volume on the exchange is around $804 million. Its signature cryptocurrency Binance Coin (BNB) has a limited supply so as the exchange expands the demand for BNB will increase and so will its price.