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Binance wants to open fiat-to-crypto exchange in Singapo

Binance wants to open fiat-to-crypto exchange in Singapo

Changpeng Zhao, also known as “CZ”, is the co-founder and CEO of the crypto exchange Binance. In terms of trading volume, Binance is probably the largest crypto exchange in the world. At the Cumberland Conference in Singapore, Zhao has now “accidentally” announced Binance's latest plans. This is about the opening of a fiat-to-crypto exchange in Singapore. According to Zhao, a closed beta test phase is expected to begin on September 18th.

Later, the Binance CEO also admitted his mistake on Twitter:

“I just slipped out that on 18 September we will test the Binance Singapore Fiat crypto exchange with real money as part of a closed beta (…) participation by invitation only. It's going to be exciting! “

This is likely to see the opening of the stock market before the end of the year. Trading Couples are likely to be Singapore Dollars / Bitcoin (SGD / BTC) and Singapore Dollars / Ethereum (SGD / ETH).

Not surprisingly, Binance chose Singapore as the location for his project. The city-state is an international financial hub with relatively low taxes and a technology-friendly environment. Singapore is also considered a good place to conduct Initial Coin Offerings (ICOs). For example, the Initial Coin Offerings of TenX, Golem and Qtum were conducted in Singapore. The crypto exchange Huobi also has a branch there. The foundations for Litecoin, TRON and VeChain are also based in Singapore.

In June 2018, the Japanese LINE Corporation announced that it wanted to open its own crypto exchange in Singapore. This crypto exchange is called BITBOX and started operations on July 16 this year.

Recently, the news channel “Malta Today” reported that Binance and the Malta Stock Exchange have signed a preliminary contract. This involves the introduction of a digital exchange for securities token trading.

Lately, Zhao has also released other interesting tweets. I had already introduced one of these tweets in the blog. He dealt with the topic of a possible, thousandfold growth in the crypto sector. Zhao had contradicted in his tweet Vitalik Buterin, the co-founder of Ethereum.

That's how Zhao tweeted:

“I still disagree. I would say that crypto will grow a thousandfold and more! “

Next, Zhao said that even reaching the US dollar market capitalization would give a huge boost to the whole industry. It is only a single currency with a limited use case. By contrast, the derivatives market is much larger, Zhao wrote.

In addition, Zhao tweeted:

“You can not use traditional market sizes to calculate the potential for new technologies or industries. So, if you take the taxi market (and people did that) to estimate Uber's potential, you're a long way off. “

Binance wants to open fiat-to-crypto exchange in Singapo

Sources: Twitter, Linecorp, Malta Today, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/Binance-will-fiat-to-kryptoboerse-in-singapur-eroeffnen/

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