Major crypto exchange, Binance announced that it is launching yet another fiat-to-crypto exchange later in April this year. The Fiat to Crypto exchange will be based out in Singapore, servicing SGD (Singapore Dollar) and is known as ‘Binance Singapore’.
Binance Singapore To Go live This Month
The announcement broke out earlier today via official Binance’s twitter account. However, no further details have been revealed yet. Here goes the official announcement that has probably leaked out at the Deconomy conference in Seoul, held in South Korea from April 4-5. Consequently, reports state that Binance CEO while talking at the panel, ‘Centralized vs Decentralized’ at Deconomy conference revealed two major announcements. He says that the
- Binance DEX will most likely be available and going live in April
- Another Fiat-to-Crypto exchange is already set to launch later this month
Here goes the official announcement of Binance
Although Binance Singapore announcement looks new the crypto exchange has earlier revealed ‘Singapore’ as the hub for its new trading platform when it had secured funding from Vertex Ventures, a global tech-focused venture capital network with divisions across various regions including Silicon Valley, Israel, China, and Southeast Asia & India. Binance Singapore is a result of funding that has received by Binance from Vertex Ventures to expand the operation of crypto-fiat trading in Asia.
To remind, Binance elaborated why Singapore has opted as the hub for its new exchange;
“Southeast Asia is a hotbed for significant growth. Over the past few years, the region registered some of the best economic growth rates in the world,” Binance exchange mentioned
“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.”
Likely Rule Singaporean Market Citing DragonEx’s hack
However, its worth to note that Binance has become the most reputed and trusted cryptocurrency exchange across the world – additionally, the exchange is steadily creating a benchmark across various countries. Nevertheless, the firm has opened branches in Malta, Jersey (Fiat to crypto exchange), Australia (fiat to crypto exchange), Uganda (fiat to crypto exchange) and soon in Singapore.
However, Binance is often known to catch opportunities in a region where regulatory instances across crypto are specific and certain – subsequently, Binance Australia is the result of Australia’s positive move towards Blockchain and crypto. This time, DragonEx crypto exchange that was hacked in late March 2019, was based out in Singapore. Following the annoyed DragonEx’s customers, it’s a quite potential way for Binance to enter into Singaporean Market as ‘Fiat –to-Crypto Exchange.
Interesting right? Let us know what you think of Binance’s entry in Singapore. a
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com