Binance conveyed through a tweet on 03 April about its upcoming offer to launch a fiat-to-cryptocurrency exchange in Singapore.
Binance conveyed that it would start trading operations in the new exchange later in the month. However, Binance did not share any insider information on its upcoming subsidiary. The decision by Binance is not sudden since the exchange had announced receiving funds to expand into Asia. Binance had specifically earmarked Singapore as the destination.
— Binance (@binance) April 4, 2019
Binance had cited on the strategic location as –
“For this region, there’s no better gateway to Southeast Asia than Singapore. The multicultural country, whose role as finance hub is fueled by significant innovation, has begun to play a significant role in the blockchain sector. From its businesses to the government, Singapore has shown tremendous support for blockchain and distributed ledger technology.”
Binance further captured insight on the growing economic power of Southeast Asia. The exchange conveyed that this geographic region had recorded some of the best economic growths in the world. Changpeng Zhao, CEO of Binance quoted that with Singapore as a base, he was heading towards establishing an exchange in every continent.
Binance expressed that the Southeast Asian region houses over 650 million residents. They are mostly a young population who are well adjusted to the latest innovations. Such a foundation provides a significant opportunity for the development and adoption of blockchain technology. Binance also acknowledged investments from Vertex Ventures, a global tech-focused venture capital network.
Last month, Binance announced the launch of Binance Lite Australia. The platform allows a seamless way to buy Bitcoin with cash in the land down under. It was highlighted that Binance Lite Australia signals Binance’s first fiat gateway on the continent. Earlier, Binance had reported about the official launch of Binance Uganda Fiat.
Binance had also announced two new offerings for its Trust Wallet. Trust Wallet is now empowered with support for credit card payments for digital coins. Another novel feature was the wallet’s support for Ripple’s coin (XRP), allowing users to send, receive, store and exchange.
Binance is one of the largest crypto exchange in the world handling large volumes of crypto trades daily. Its primary exchange lists digital coins against other major cryptos. There is also a feature to list against stable coins to simulate the stability of fiat tradings. Binance finally expressed that with its presence in Asia, it would open up more opportunities and spread financial freedom throughout the region.