Binance, a leading crypto exchange, has entered the South Korean market and will launch a local crypto exchange on its white-label platform Binance Cloud.
Dubbed Binance KR, the exchange will initiate registration and deposits on April 2 while the trading will open on April 4.
Announced on Tuesday, this will be the first digital currency exchange on Binance Cloud. Binance first unveiled its white label solution last month, allowing local enterprises to easily set up their crypto exchange.
To facilitate trading, the global exchange giant has recently introduced Binance KRW (BKRW), a BEP-2 stablecoin backed by South Korean Won (KRW), which will be the base currency for Binance KR.
The announcement also detailed that initially, the new exchange will support trading with Bitcoin, Ethereum, Binance Coin, and BKRW, however, it also has plans to add two more stablecoins – USDT and BUSD.
Commenting on the new South Korean platform, Changpeng Zhao, chief executive of Binance, said: “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 the South Korean won in order to expand our local services.”
Acquisition spree continues
Though Binance dominates in the global market, its presence in the South Korean market was limited. To strengthen its mark in the peninsular country, the exchange acquired BxB Inc., after a partnership deal between the two.
However, Binance is entering the South Korean market at a time when the local giants are seeing a significant fall in their volumes over the past couple of years.
“Binance Ltd.’s trading platform will provide cross-border liquidity and robust technology of Binance.com as well as the new BKRW stablecoin, which is backed by the South Korean won,” Jiho Kang, co-CEO at Binance, added.
“We are committed to bringing a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together.”