The Singapore based Binance is going to launch new fiat-to-Bitcoin platform. Zhou(CEO of Binance) said they are going to launch the Singapore simple buy/sell on-ramp. Buying and selling with the platform will be so easy to the traders. Though this is for only Bitcoin but soon they are going to add more cryptocurrencies. Though people know about cryptocurrency so it will be easy to them he claimed. For the project to deliver Visa and Master Card Binance already started working with Simplex. He company recently launched Binance Lite in Australia which allows users to buy bitcoin at newsagents in over 1,300 locations across the country. The company is spreading their project rapidly in many European countries too. Though Uganda is an underbanked country the company has already set up their area to that country which is the no. 5 exchange by 24-hour trade volume indeed.
Clearing of Dex
Binance is also willing to establish their own chain which will be decentralized Zhou expects to release the mainnet of Binance chain by the end of the month. They want to provide trading functionality, exchanges by their centralized nature, holds customer’s asset. The risk they want to avoid. The crypto is constantly changing indeed.
Recently Binance has seen institutional trading increase some 40 percent to 50 percent over the past six months. Binance’s application programming interface is being leveraged by these institutions. They organize in a way that is highly nimble, highly algorithm-driven which will actually characterize the new money entering institutional crypto trading. In the form of algorithm trading traders can develop their own application.