Binance to Launch Its Singapore Exchange Next Week

Global crypto exchange Binance is set to launch its Singapore-based fiat-to-crypto trading platform next week, according to Coindesk.

The prospect of the new exchange was first announced by Binance’s CEO Changpeng Zhao at the Deconomy event in Seoul earlier this month. It is in line with the exchange’s ambition to open a crypto exchange in every country.

Binance earlier opened similar exchanges in Australia, Jersey, and Uganda to offer fiat-based trading services.

“Next week we are going to launch the Singapore simple buy/sell on-ramp,” Wei Zhou, CFO of the crypto exchange, told the publication. “It will actually be a new product we are launching, as a very easy buy/sell platform so users in Singapore can buy and sell bitcoin with Singapore dollars.”

Zhou also detailed that in the initial phase the platform will only offer trading services with Bitcoin, however, it has plans to add more currencies in the future.

Launching blockchain?

Meanwhile, the digital asset exchange also teased on Twitter that it might launch its native blockchain today.

Though the exchange did not specify any details, it hs shared the meaning of “genesis block” with a subsequent tweet.

Binance is also developing a decentralized exchange which will be based on its proprietary blockchain. It has already launched the testnet of the exchange earlier this year.

Binance is currently one of the largest crypto exchange on the globe in terms of adjusted trading volume and handles around a billion worth crypto trades every day.

According to Zhao’s earlier comments, the crypto exchange will decide whether to run the decentralized exchange parallel to its existing centralized platform or make it the primary one after receiving feedback from its client base.

(Photo: Binance)

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