According to a tweet from the CEO and co-founder Changpeng Zhao, Binance, the largest crypto exchange at present will start a private beta testing of a crypto-fiat exchange. This will mean invite-only users will be allowed to participate in the testing environment in the preliminary testing stage:
— CZ Binance (@cz_binance) September 15, 2018
Singapore dollar to crypto
Before breaking the news on Twitter, Zhao had intimated on plans to come up with a fiat exchange while giving a speech at a recent blockchain event led by Cumberland, a crypto assets specializing firm. The conference also featured most of the ‘heavyweights’ in the crypto industry, including Tyler Winklevoss, the CEO and co-founder of the Gemini crypto exchange.
As much as there are no further details yet revealed on the development, the incoming crypto-fiat Singapore-based exchange is presumed to support the local Singapore dollar. Earlier this year, in a PwC study, Singapore was polled as the third most ideal country in terms of being favourable to Initial Coin Offering (ICOs). Singapore’s popularity on matters blockchain comes courtesy of the fact that it is one of the most technologically advanced countries in Asia.
Binance has been involved in several new partnerships as of late. The Singapore crypto-fiat exchange launch comes on the backdrop of a move last week by Binance to sign a memorandum of understanding with Malta Stock Exchange’s MSX PLC, the digital asset subsidiary, in order to help launch a new security token digital exchange. Just last month, Binance and Liechtenstein announced the Binance LCX, a crypto-fiat exchange that will soon support the exchange between Euros (EUR) and Swiss Francs (CHF) and the cryptocurrencies currently offered on the Binance exchange.
Asian blockchain developments
This development will see a buzz not only amongst the Singaporean investors but also Asian investors as a whole. As per daily trading volume, Binance is currently the largest crypto exchange. Its trading action has allowed it to outperform traditional institutional players like the Deutsche Bank in terms of quarterly profits. In the first quarter of this year, Binance made $200 million compared to Deutsche Bank’s $146 million.