Binance Cloud To Help Local Digital Asset Exchange Development With White-Label Service
- Binance has announced it will soon launch their new platform the Binance cloud that would take care of security and scalability hurdles for the small exchanges.
- Binance cloud to face goliath Alphapoint who also offer white label infrastructures
Binance a crypto exchange is set to offer white label infrastructure for local exchanges that would allow small crypto exchanges to prioritize registration and licensing as it would take care of the security and scalability concerns.
Previous statements from the company say the new product, Binance Cloud, would be a one stop shop offering spot and future markets. With a user friendly interface that enables clients to manage their funds and coin listings whilst offering different language options for their various clients. They are also to include bank API integrations, p2p Fiat to cryptocurrencies exchange services. There are also talks to incorporate OTC staking onboard their platform.
“The Binance Cloud service is an all-in-one solution, featuring an easy-to-use dashboard that allows customers to manage funds, trading pairs and coin listings, as well as multilingual support, depth-sharing with the Binance.com global exchange, and more opportunities to collaborate with the ecosystem.”
The platform would allow the local exchanges to brand their own exchange but in the real sense Binance would offer the liquidity required and put the security protocols in place. This would benefit Binance as they would improve their market reach. Launching a crypto exchange is often an uphill task as security and scalability are often major hurdles.
The white label exchange is not a new concept as Binance Cloud would be forced to go toe to toe with Alphapoint a leader in the industry. It has been claimed that they service over 100 partners whom they provide infrastructure with.
Binance’s past has been under scrutiny after in 2019 they reportedly lost over 7000 Bitcoin roughly $41 million through a data breach that impacted Binance’s hot wallet that held close to 2% of their total BTC holding. Though there was never an official finding they got insurance to cover their losses.