Leading cryptocurrency exchange, Binance has announced the proposed launching if its subsidiary fiat-to-crypto exchange that will be based in Singapore later this month. This is definitely in accordance with the giant exchange’s proposal of siting a fiat-to-crypto exchange on every continent.
The exchange has been developing its business around the world. The fiat-to-crypto exchange launched in January on the island of Jersey allows users to trade Bitcoin and Ethereum against the British pound and euro, alongside the Ugandan (also fiat-to-crypto) exchange launched last summer were among the most recent developments received from the exchange.
The proposed new subsidiary “Binance Singapore” as announced by Binance CEO, Changpeng Zhao at the Seoul Deconomy Conference, South Korea would be launched in April. This will be the first fiat-to-crypto exchange to service SDG (Singapore dollar).
In the meantime, there is little detail on which cryptocurrencies that will be supported at the exchange. The news made rounds last October when an investment from Vertex Ventures triggered the news that Binance has something up its sleeves in Singapore.
The platform is already on beta test as at last September. Now on finishing touches expectations are rife on day of possible launch.
It seems in the long run that Binance has a lot in stock but is unveiling its plans a little at a time. At the Deconomy event in Seoul, Zhao disclosed plans of an upcoming Binance Decentralized Exchange (Binance DEX). The mainnet launch is expected to take place this month as the platform entered public testing in February.
The Binance DEX is built on Binance chain, the exchange’s public Blockchain. It features an interface similar to that of the existing decentralized platform and will use a 24-word mnemonic phrase system of wallet security. Its advantage is that users wouldn’t need to give up custody of their funds as with the regular centralized exchanges.