Binance Singapore goes live and only supports bitcoin
April 24, 2019, 7:06AM EDT
1 min read
Binance, the largest exchange by traded volume, has launched its third fiat-to-crypto exchange; this time in Singapore following exchanges in Uganda and Jersey. The fiat-to-crypto exchange will initially only support purchases of bitcoin, which is different from its existing fiat-to-crypto exchanges in Uganda and Jersey - both of which also support ether. Binance spokesperson said that "more pairs [may be] added as regulations allow."
Binance partnered up with a payment processing fintech Xfers to launch the exchange in Singapore—the same company that Coinbase worked with to launch their own operation in Singapore. Coinbase dropped the partnership when it shut down its operation in Singapore. In October, Binance accepted a strategic investment from Vertex Ventures to build the exchange in Singapore and explore other fiat-to-crypto exchanges in Southeast Asia.
But launches in Uganda, Singapore and Jersey are merely the start of the company's stated plan to have two fiat-to-crypto exchanges on every continent. The exchanges are built on Binance's technology but formed as a separate legal entity. This year, Binance plans to launch at least one more fiat-to-crypto exchange in Malta. The Block has learned from sources that the next likely launch locations are South Korea, Lichtenstein, Argentina, Russia and Turkey.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
In this episode of The Scoop, StarkWare Co-Founders Uri Kolodny and Eli Ben-Sasson walk through StarkWare's recent fundraise and discuss how their firm is bringing affordable blockchain transactions to the masses.