Binance, one of the world’s heavyweight crypto exchanges, has entered the South Korean crypto market, and is set to launch a local crypto exchange. This exchange will be launched on Binance Cloud, the white-label platform of the company.
First Exchange Developed On Binance Cloud
Aptly dubbed Binance KR, this exchange will begin registrations and deposits on the 2nd of April, 2020. Trading will be made available on the exchange as of the 4th of April, 2020.
The announcement came on Tuesday this week. As it stands, it will be the first cryptocurrency exchanges to be done on Binance Cloud. The white-label solution was first unveiled by Binance last month and will allow local enterprises to set up their own crypto exchange through this platform.
In order to facilitate the trading necessary, Binance has recently introduced Binance KRW, or BKRW. BKRW is a BEP-2 stablecoin, and one backed through the South Korean Won (KRW). This, in and of itself, will serve as a base currency for Binance KR.
The announcement regarding this also went into detail about the exchange itself. At the start, the exchange will support the common major currencies: Ethereum and Bitcoin. Along with this, the USDT and BUSD stablecoins will be supported, alongside the Binance Coin and the BKRW.
The Mandatory Kind Words
Changpeng “CZ” Zhao, the CEO of Binance, commented on the South Korean platform’s launch. As one would expect, he gave the mandatory kind words about his, and his company’s pleasure in the provision of a digital asset platform to Korea. CZ stated that this platform would allow for security, trading depth, and transaction speed increase for its South Korean clients.
He further explained that his company’s decision in the listing of trading pairs using BKRW would allow the seamless integration between the South Korean Won and the crypto industry as a whole. This, in turn, will enable Binance to expand its South Korean Services.
Binance has a significant presence within the global market. However,r the same can’t be said for the South Korean market in particular. In order to correct this, the exchange arranged for the acquisition of BxB Inc after a partnership deal between the two companies was enacted.
As it stands now, Binance has entered the South Korean market at a period where the local heavyweights have started to experience a drop in volume. Sadly, this trend has been going on for several years.