Cryptocurrency exchange Binance is about to launch a new platform for deploying local cryptocurrency exchanges, Yahoo! Finance reports.
It has been reported that the so-called Binance Cloud service will offer local spot market and futures trading services, as well as the integration of local banks API and peer-to-peer exchange (P2P) services between cryptocurrencies.
Binance Cloud wants to facilitate the creation of local crypto exchanges by providing a white-label product, the exchange said.
"The Binance Cloud service is an all-in-one solution, featuring an easy-to-use dashboard that allows customers to manage funds, trading pairs and coin listings, as well as multilingual support, depth-sharing with the Binance.com global exchange, and more opportunities to collaborate with the ecosystem," the exchange said.
Binance Cloud will offer the matching engine, security controls and liquidity of the Binance.com main exchange. Thus, while the local exchange may have its own brand and local asset, the backend service will mainly be regulated by Binance itself.
In the foreseeable future, the exchange also plans to add betting and OTC trading services and the ability to issue tokens via the IEO platform.
Earlier iHodl reported that Binance Singapore applied for a new license to operate with cryptocurrencies after the new Payment Services Act came into force on January 28.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.