Binance Gets Ready to Launch its New Binance Singapore Exchange on Friday
In a recent tweet uploaded by Binance, one of the most popular cryptocurrency exchanges in the market, the company announced that they will be launching a new fiat exchange in Singapore. Changpeng Zhao informed this during the Deconomy 2019 event held in Seoul, Korea.
Binance has been working during the last few years in order to reach new customers and provide trading services to a large number of individuals. They have started with their main crypto-to-crypto cryptocurrency exchange and they have since then launched fiat-to-crypto exchanges in different jurisdictions, including Africa, Europe and now Asia.
One of the latest crypto exchanges to be launched by Binance is Binance Jersey, which offers EUR and GBP. At the moment, the only two digital assets supported in this platform are Bitcoin (BTC) and Ethereum (ETH). Recently, CoinMarketCap has decided to include Binance Jersey to its exchanges’ list.
— Binance (@binance) April 4, 2019
There is an increased demand from users to trade cryptocurrencies using fiat currencies from different countries. Back on October 23, 2018, Binance announced that they were working together with Vertex Ventures to launch Binance Singapore
Since that time, Binance has been testing a beta of the exchange that is aimed at individuals from Singapore. By partnering with Vertex Ventures, Binance was able to work day after day in order to release this exchange into the market.
Southeast Asia has been growing for a very long time and cryptocurrency activities surged there as well. Japan, South Korea and Singapore are perhaps the most active jurisdictions in the region. Singapore became a financial centre in less than 50 years and started to play an important role in the blockchain sector.
In the future, the cryptocurrency exchange could open a new fiat-to-crypto exchange in Argentina. Changpeng Zhao informed this on Twitter earlier in March 2019.
Guess where we will have a new fiat-to-crypto exchange?😎 https://t.co/li8NAUBMUw
— CZ Binance (@cz_binance) March 9, 2019
The firm has also provided funding to blockchain initiatives in Buenos Aires and the intention is to continue expanding in this Latin American country. This will be the first fiat exchange that the platform would open in all the Americas.
Argentina has experienced a long period of its history of economic crisis and high inflation rates. This is something that Argentina’s president Mauricio Macri is trying to deal with.
It is worth mentioning that the other exchange that works with fiat currencies as well is located in Uganda. Interested individuals are now able to convert their Ugandan shillings into Bitcoin or Ethereum.