Top Crypto Exchange Binance Enters Next Phase of BusinessSeptember 27, 2018
Binance begins making moves with fiat-to-crypto trading and decentralized exchange plans. The top crypto exchange, which trades over $1 billion crypto volumes every day, is moving on to its next phase. Currently, the exchange only trades crypto to crypto, but this is about to change.
Reports say that Binance has revealed its plans for launching local exchanges across markets around the world. These local exchanges will offer conversion of fiat currency, something that Binance previously relied on others to do.
CEO “CZ” Zhao spoke about the plan in Singapore during a Coindesk event. He then provided more information about the plan in a TechCrunch interview. According to Zhao, the exchange went to have many discussions about the plan with various regulators.
Those discussions allowed the exchange the ability to offer fiat conversion. With the new service that Binance has to offer, it will be easier for fiat currency to make it into the world of digital currency. Zhao further revealed the exchange’s plans, citing this year there will be three fiat exchanges to open.
The goal of the company is to grow the three local exchanges to ten by 2019. Zhao also said they aim to have two fiat exchanges in every continent. By doing this, more money will be brought into a digital currency network, which will help the entire industry.
Binance has already opened a local exchange in Lichtenstein. Currently, it is planning to launch another joint venture in Singapore and another plan in Malta. The exchange stationed in Singapore is reportedly scheduled to go live the following month, according to Zhao.
The Singapore exchange is currently in limited beta and is undergoing stress testing. Ruling out U.S., Japan, and China, Binance decided to open a local office in Singapore instead. Besides fiat currency conversion, Binance also has plans to launch a decentralized exchange.
If the company is successful in launching the decentralized exchange, trading tokens can be done directly without an intermediatory. The decentralized exchange Binance is planning would mean a big change in the trading flow.
If successfully launched, Binance would still be able to earn revenue since they would be operating on the exchange’s blockchain. Recently, an early demo was released by the company. According to reports, it was underwhelming.
Reportedly, a fully-working version of the service will be available before of the end of 2018 or early in 2019. According to Zhang, the development of the decentralized exchange is going well, citing that “Our dex is very simple, but it’s fast.”