One of the world's largest crypto exchanges, Binance, wants to launch trading platforms on almost all continents in 2019. About this, the head of the company Changpeng Zhao told at the Consensus conference, held in Singapore.
According to the top manager, for the next year, 5 to 10 new crypto exchanges are being prepared for the launch - two for each continent.
Last week, Binance announced the joint launch of a platform for trading security tokens with the Malta Stock Exchange, and the head of the company stressed that Binance plans to continue to cooperate with small states. As he said, these countries, as a rule, agree on an open dialogue easier and faster.
For example, in June, Binance launched a platform for the crypro-fiat exchange in Uganda. In August, the trading platform in Liechtenstein, Binance LCX, began offering Swiss franc (CHF) and euro (EUR) trading against major digital currencies.
Earlier on Tuesday, Binance held a closed beta test of a crypto trading platform in Singapore, after which the company's CEO announced that he hopes to launch the platform for several months.
According to Changpeng Zhao, Binance's goal in the long run is still to create a decentralized exchange, but the launch of the crypto platform in Singapore will be a turning point in history. At the same time, he acknowledged that the capitalization of the cryptocurrency market is still much lower than that of the traditional one.
WHY IS IT IMPORTANT?
- Earlier, we spoke to a representative of the exchange and found out that Binance usually picks a place where there are no good fiat-to-crypto exchanges, so the company can offer a service to allow people to have a convenient way to convert. “We hope to have a few crypto exchanges on every continent - eventually even Latin America. Hopefully, eventually in every currency. But it would take a long time as we get to know local regulations and requirements,” the Head of International Markets at Binance, Ted Lin said.
- It is noteworthy that, despite the crisis of the cryptocurrency market, the last year was profitable for Binance. Zhao confirmed that in the first quarter of this year the exchange's revenues amounted to $200 million, in the second quarter - decreased due to the market drop to $150 million. But Changpeng said, that he is not afraid of the influence of volatility on Binance. He denied rumors about a possible IPO, noting that the company is quite self-sufficient.
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