Binance Singapore launch to take place next week

Binance Singapore launch to take place next week

Binance’s Singapore-based fiat-to-crypto exchange is set to launch next week, industry website Coindesk has reported, citing the company’s chief financial officer Wei Zhou.

Zhou, who is currently in Paris for the Paris Blockchain Week event, told the online publication that the fiat “on-ramp” would be “a very easy buy/sell platform so users in Singapore can buy and sell bitcoin with Singapore dollars”. The new platform will first offer only Bitcoin (BTC), but the company hopes to add more cryptocurrencies in the future.

“For a lot of these regulated jurisdictions, it’s easy to start with things that people know and understand and you can gradually build on that,” Zhou said.

The company first revealed the Binance Singapore project in mid-September, when Changpeng Zhao, the firm’s chief executive officer, said that a closed beta for the project was about to begin. Just over a month later, Binance announced that it had accepted financial backing for the project from venture capital network Vertex Ventures. Zhao first hinted that the platform was poised to launch in April two weeks ago.

Binance has indicated in the past that it aims to launch fiat-to-crypto exchanges on every continent. It has already launched such platforms in Africa and Europe, with their operations based in Uganda and Jersey, respectively.

Meanwhile, the company is also looking to launch a decentralised crypto trading platform, or DEX. The mainnet for Binance DEX is also expected to go live later this month. The platform has been in testing since late February. The platform will be running on a proprietary blockchain called the Binance Chain.

Meanwhile, the company’ native crypto token, the Binance Coin (BNB), has enjoyed some strong trading in today’s early session. The coin’s price reached $20.86 earlier, which was its highest level since January 15, 2018.

As of 11:59, the Binance Coin price stood at $20.89, up 6% from the same time yesterday. The coin’s total market cap currently stands at $2.95 billion.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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