Binance the largest cryptocurrency exchange of the world by volume is trying to gain popularity by creating headlines. Now Binance has released its services in Singapore. Vertex investment made it possible for Binance to launch its services in the country.
Binance has been working on its new service for nearly 6 months after it received fund from Vertex. Vertex is a VC firm supported by Temasek, a Singapore based sovereign fund.
From 2018 onwards, Binance was testing cryptocurrency exchange services in Singapore and was also interacting with the Singapore regulator MAS.
Binance managed to complete its migration process from BNB tokens to the Binance chain mainnet and also withdrawals and deposit process.
The traditional Binance platform allows users to work with different types of crypto assets; the user does not need to submit much private information to pass the verification process.
After analyzing the Singapore service, one thing to note down is the service is much similar to its US-based rival exchange Coinbase.
Binance mentions itself as a blockchain ecosystem incorporated with Labs, Info, Exchanges, Academy, Blockchain Charity Foundation (BCF) and Trust Wallet. The exchange even describes itself as one of the leading cryptocurrency platforms and also the fastest one across the world. Binance can process more than 1.4 million transactions per second. Professional traders and enthusiast are attracted towards Binance due to its robustness, execution speed and security.
“The Binance exchange provides access to hundreds of digital currency pairs while maintaining security, liquidity and high speed. The platform offers some of the lowest trading costs in the industry at 0.1 percent or even less through the use of Binance Coin.” “The exchange strives to give its users access to some of the latest blockchain/DLT technologies with new cryptocurrencies being listed all the time.”
Almost half-year ago, Binance started working on its crypto-fiat services. The new Binance service enables users to buy crypto in cash. Currently, the services are only accessible for retail traders, although the developer team is planning to reach institutional money. Singapore is the best place for Binance to develop crypto-fiat activities.
It looks like Binance wants to expand its services across different countries by observing at its launching services. Binance has already launched three more services in the crypto space. It has launched its services in Jersey and Uganda.
It will be interesting to see how powerful the Singapore offering will be in its existing form. The Singapore exchange enables users to buy only Bitcoins at fixed prices. However, traditional Binance users have been familiar with a wide range of crypto tokens for a long time. Now we need to see how Binance users will adopt the change and will it affect the Singapore exchange in any way.
Another, important information that appeared on the website is about Binance partnership. Binance has collaborated with Xfers. Xfers is a crypto-based startup firm located in Southeast Asia. The firm has assisted Coinbase the US firm to establish its service in Singapore.
Earlier, Coinbase had partnered with Xfers. Eventually, the partnership was not successful and ended in 2018. Coinbase mentioned that the only reason to end the partnership was Xfers lacked to manage the growth in its current form and was inappropriate in its existing form.
Now it will be interesting to know whether the partnership will be successful or not.