Bingbon, the high-flying Asian exchange with a finger in many pies, has signaled its intention to enter the European market after integrating Banxa. The deal will enable Banxa to provide a fiat-crypto onramp to Bingbon users in the UK, Europe, and Australia. While a relative newcomer to the European market, Bingbon is fast developing a reputation in Asia, where its copy trading feature and markets for global indices, forex, and commodities, in addition to crypto markets, have earned it a loyal user base.
In partnering with one of the industry’s most respected payment processors in Banxa, Bingbon has demonstrated its determination to gain a presence in major crypto markets in strategic regions. Europe, home to the world’s oldest exchange in Bitstamp, oversees a thriving cryptocurrency industry that includes Switzerland’s Zug Valley, where numerous blockchain firms are domiciled.
Cryptocurrency Competition Heats Up
In making overtures to European cryptocurrency traders, Bingbon is entering a highly competitive market. The number and nature of platforms offering cryptocurrency services has proliferated in the region, and now includes traditional banks, neobanks, forex brokers, and wallet providers. Bingbon believes that it can entice users to trade on its platform, however, on account of the diverse range of assets it supports, both digital and traditional.
The addition of a fiat onramp and offramp will aid the exchange’s ambitions of attracting users in territories where it is still a relative unknown. Banxa was chosen to provide a fiat pipeline on account of its reputation within the space and its deep ties to several of the regions that Bingbon is eyeing. In addition to maintaining offices in the Netherlands and Australia, Banxa has completed a pre-IPO funding round in Canada. This will be a prelude to listing on the Toronto Stock Exchange.
The fintech’s plug-and-play fiat-crypto services enable merchants, wallets, and exchanges to accept deposits with credit card, without the risk of chargeback. Having integrated Banxa’s technology, Bingbon is able to process deposits in SEPA (EUR), POLi, and PayID (AUD), as well as Faster Payments (GBP). Citizens in these countries will be able to fund their account directly from their bank and purchase cryptocurrency directly, resulting in lower fees.
One-Click Exchange and Copy Trading
Bingbon’s business model is centered around simplifying trading options that were once the preserve of the pros. It gives beginner and intermediate traders exposure to crypto and commodity markets, while allowing them to watch and learn from the experts. The exchange’s hugely successful copy trading feature allows novices to emulate more experienced traders, effectively fast-tracking the learning process.
While the addition of a fiat onramp may not seem like a big deal, it’s another step towards seamlessly assimilating the crypto and fiat worlds. As more money flows into the cryptoconomy, a lot of it will stay there in the knowledge that traders can cash out any time they like. So long as bitcoin keeps rising, however, they will be in no rush to exit.