Binance to Launch Its Singapore Exchange Next Week

Global crypto exchange Binance is set to launch its Singapore-based fiat-to-crypto trading platform next week, according to Coindesk.

The prospect of the new exchange was first announced by Binance’s CEO Changpeng Zhao at the Deconomy event in Seoul earlier this month. It is in line with the exchange's ambition to open a crypto exchange in every country.

Binance earlier opened similar exchanges in Australia, Jersey, and Uganda to offer fiat-based trading services.

“Next week we are going to launch the Singapore simple buy/sell on-ramp,” Wei Zhou, CFO of the crypto exchange, told the publication. “It will actually be a new product we are launching, as a very easy buy/sell platform so users in Singapore can buy and sell Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term with Singapore dollars.”

Zhou also detailed that in the initial phase the platform will only offer trading services with Bitcoin, however, it has plans to add more currencies in the future.

Launching Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term?

Meanwhile, the digital asset exchange also teased on Twitter that it might launch its native blockchain today.

Today marks the birth of a new genesis block.

Who's ready? pic.twitter.com/AF1hVtFXzt — Binance (@binance) April 18, 2019

Though the exchange did not specify any details, it hs shared the meaning of “genesis block” with a subsequent tweet.

Binance is also developing a decentralized exchange which will be based on its proprietary blockchain. It has already launched the testnet of the exchange earlier this year.

Binance is currently one of the largest crypto exchange on the globe in terms of adjusted trading volume and handles around a billion worth crypto trades every day.

You can either invest into blockchains which generates no profits at all, or you can invest into Binance who had a massive profit of $71M in the last quarter - during a bear market!

Which do you choose? I choose $BNB! ?#Binance #Crypto #trading pic.twitter.com/el1tUBDhX8 — CryptosBatman ⚡ (@CryptosBatman) April 17, 2019

According to Zhao’s earlier comments, the crypto exchange will decide whether to run the decentralized exchange parallel to its existing centralized platform or make it the primary one after receiving feedback from its client base.