Binance Crypto Exchange Envisions A Native Trading Platform On Nearly All Continents
Binance Discloses Arrangements To Unveil Virtual Asset Exchanges On Almost Each Continent
One of the globally acclaimed cryptocurency exchanges, Binance, intends to establish fiat-to-virtual asset trading platforms on almost each continent. The firm’s founder, Zhao Changpeng, who is also the CEO, concluded the first day of Coindesk’s Consensus Singapore event with a chat beside a fireplace.
During the event, he deliberated on a number of topics, which include how he developed the firm from a startup with a $15 million ICO, and has been able to raise it to be the largest virtual asset exchange in the world. He also discussed about his future plans for the exchange.
Unveiling Five To Ten Exchanges
In the course of the tête-à-tête with Pete Rizzo from Coindesk, Zhao pointed out that by this time in 2019, he has plans for the firm to unveil five to ten fiat-to-crypto exchanges. This means that there ought to be at least two of them in each continent.
The intended plans are in line with the firm’s present endeavors to establish an exchange in Singapore, which will be in a position of supporting local fiat-to-crypto transactions. After ending a closed trial on Tuesday, Zhao asserted that he anticipates that the platform could be operation within a couple of months. He however said that it is quite difficult to work with conventional financial institutions when compared to working just with virtual assets.
Indicating that the new plans appear to be a reverse to what the firm has been identified with, which is crypto-to-crypto trading, Zhao asserted that the virtual asset market capitalization is still considerably lower than the conventional fiscal instruments.
Open The Gate
He believes that most of the money in the world is still in the form of fiat, and that it will be prudent to open that gate. In order to open that gate, the firm intends to proceed with working with comparatively smaller nations, with a notable case in point being Malta. He explains that it is easier to partner with smaller nations because their response is rather fast and more proficient.
In smaller nations, it is easier to have access to high ranking government officers, who also respond to pertinent issues in a direct and effective manner. Additionally, these countries also appreciate the investments global firms are bringing to their domestic economies.
Finding A Sweet Spot
In his own views, Zhao asserts that establishing exchanges in smaller nations is like finding a sweet spot, instead of a whole pivot. However, in the long term, the goal of Binance is to establish a decentralized exchange when the technology reaches its maturity stage.
The fiat-to-crypto arrangements have also come at such a time that the firm is registering healthy business revenue over the past twelve months in spite of the crypto market decline. During the conversation, Zhao confirmed that the Q1 of 2018 saw the firm generate $200 million in profits, even though the assets are all in digital currencies.
After he quit working with OKCoin in 2015, the Binance CEO confirmed that he spent twenty four months, together with his team, establishing a cloud-based system that provides virtual asset exchanges with the right substructure to establish their own platforms. It is the same technology that was used to lay down the foundation upon which Binance was established.