Binance Set To Launch Fiat-to-Crypto Exchange In Singapore


Major crypto exchange Binance will launch a new fiat-to-crypto platform in Singapore before the end of April, the exchange’s CEO Changpeng Zhao revealed yesterday.

The Binance chief announced this via a tweet published on the company’s official Twitter account on Thursday, April 4. He was attending the Deconomy event held in Seoul, South Korea.

According to Zhao, Binance Singapore will be the firm’s next fiat-to-crypto exchange and is expected to go live this month, servicing the Singaporean dollar. While this appears set to go, the exchange hasn’t provided any further details regarding the new platform- including the first cryptocurrencies to be added for trading,

Binance first revealed plans for the new trading platform in September last year, when Zhao noted that they were targeting the launch of at least five new fiat-to-crypto platforms (covering every continent).

In October, Binance announced via a Medium post that the upcoming Singapore-based exchange would be a collaboration involving investment firm Vertex Ventures. At the time, the new exchange was said to have already begun beta testing.

The latest move comes after the launch of Binance Jersey in January this year. The platform allows its users to trade the leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) against the euro (EUR) and the British pound (GBP).

In further expansion efforts,  Changpeng hinted at the possibility of having another fiat-to-crypto exchange set up in Argentina.

All these come on the back of an earlier effort that saw Binance launch its first fiat-to-crypto exchange in Uganda in May 2018, which allows users to trade crypto against the local shilling.

Binance DEX also launching soon

Binance also expects to launch its highly anticipated decentralized exchange within the month, according to an update Zhao provided through a tweet posted on April 3.

Per the information in the tweet, Binance DEX’s mainnet will go live before the end of April. As reported earlier, the platform rolled out public testing on February 20.

The decentralized exchange is built on Binance Chain, the platform’s native public blockchain, and will offer an interface not too dissimilar to the current centralized model. However, the DEX will come with a few other features, including the ability for users to securely store their private keys using a 24-word seed phrase.

It also has a “balances tab” that users can utilize to keep tabs on their accounts’ status. Users also have access to a “user icon” located in the exchange’s navigation bar, which displays individual wallet addresses.

Staking using Trust Wallet app

On Wednesday, Binance also announced via a blog post that its customers could soon be using the exchange’s official wallet app to stake crypto.

According to the blog post, the platform’s Trust Wallet was in the process of launching a staking feature that should be ready by the end of Q2.

In the crypto industry, staking occurs when holders of cryptocurrencies hold their assets to help run a proof-of-stake (PoS) network and in return get rewards.

Trust Wallet has added support for Tezos (XTZ) token and is in the process of adding staking support for the coin’s native token. The service will utilize Tezos’ “on-chain governance mechanism,” the exchange notes in its blog post.

The addition of XTZ comes barely a month since the wallet app added XRP and introduced a new feature that allows users to purchase crypto with debit and credit cards.

Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

Leave A Reply

Your email address will not be published.