- Binance, one of the leading crypto exchanges globally, is set to expand its operations into the South Korean market in April.
- The firm plans to launch Binance KR which will offer crypto-to-crypto trading services for Koreans while leveraging the platform’s existing fundamentals.
According to a press release shared by Binance, this milestone is quite significant for the crypto exchange as Binance KR is the pioneering initiative to launch on its cloud platform. Barely two months old, the Binance cloud is designed to create an ecosystem where digital exchange innovators can launch their own networks and access Binance’s features such as market depth and security.
Binance is entering the South Korean market, through the imminent launch of Binance KR, the first global use case of our Binance Cloud solution unveiled last month.https://t.co/ifHkFHxjls
— Binance (@binance) March 31, 2020
The Korean oriented platform will open for registration and deposits on April 2 but will commence its trading services two days later. Withdrawals, on the other hand, will be opened on April 9. Notably, Binance KR will introduce a South Korean Won backed stablecoin dubbed ‘BinanceKRW (BKRW)’ upon its launch. This BEP-2 digital asset will also be listed on Binance and is set to commence trading against BTC or ETH on April 6.
During its first phase, Binance KR will accommodate the following digital currencies; BKRW, BNB, ETH, and BTC. The exchange, however, plans unveil USDT and BUSD within its ecosystem shortly after launching. One of the competitive edges in this portfolio setup is the quick conversion of fiat (South Korean Won) to crypto through the BKRW stablecoin. With this integration, prospective Binance users in South Korea stand the chance to access an efficient, secure and risk-averse crypto market based on the exchange’s current underlying value.
Prior to this move, Binance had acquired BxB Inc which is hailed for creating the premier KRW backed stablecoin, KRWb. Changpeng Zao, the CEO of Binance, has since noted that the firm is optimistic on the South Korean market;
“We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to South Korea Won in order to expand our local services.”
Given this development, Binance is set to increase cross-border liquidity through the BKRW stablecoin. Jiho Kang, the firm’s co-CEO, also said that they are committed to the course of bringing fully compliant crypto ecosystems to South Korea.