The second-largest cryptocurrency exchange in the world, Binance, is gearing up to offer fiat-crypto pair trading soon. According to CEO Changpeng Zhao, the platform will soon offer Euro pairs on some of its virtual currencies through its new office in Malta. This new opening will allow Binance to gain easy access to liquidity.
Zhao has also stated that Binance will add other fiat currencies soon but did not provide further details. Prior to this announcement, the exchange revealed its intention to set up a base in Malta in March this year. As per the report, the local exchange in Malta will pair Euro with Bitcoin (BTC-USD) for a start and will add more currencies at a later stage.
Binance Vying For Rapid Growth
In general, almost all popular virtual currency venues offer only crypto-to-crypto trading because this has to follow much less regulatory rules and scrutiny. However, such a platform has its limitations as well. One of the biggest drawbacks of exchanges offering crypto-to-crypto trading only is that there are strict limitations on the amount a customer can cash out. By offering a fiat currency, Binance is looking to take off that limitation which could also help the platform to grow rapidly.
The crypto-exchange firm founded in July 2017 currently has a trading volume of $1.5 billion in a 24-hour period. The report says that Zhao is planning to set up headquarters in Asia and Uganda in the coming days as a part of its global expansion process. Despite the volatility and downward trend in the crypto market, the cryptocurrency exchange is still growing very fast.
Binance Unaffected By Upheavals In Crypto Market
Bitcoin has gone down by more than 50% this year and has recently plummeted below the $7,000 threshold. Currently, Bitcoin is trading at $6,865. Cryptocurrencies around the globe lost $42 billion market value in the last weekend after a South Korean exchange was hacked. But Binance’s growth seems to be unaffected.
The CEO announced recently that it is expecting an exchange license from Jersey in the Channel Islands. Binance is planning to recruit around 100 staff members when it opens an office there after receiving the license. The cryptocurrency exchange is also negotiating with banks and authorities in Taiwan.