One of the largest and renowned crypto exchanges, Binance is expected to initiate private beta testing, a crypto-based fiat exchange in Singapore as said by Changpeng Zhao, CEO and Co-founder of Binance as on 15th September.Speaking further to the subject matter, he further said “I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting.”
As per the valid source of Finance Magnates, the news before broadcasted on Twitter, Zhao initially discussed the concept at a recent blockchain event organized by crypto assets specializing firm Cumberland that he was actively focusing to introduce the fiat exchange. The entire event also included another disruptor naming Tyler Winklevoss who is co-founder and CEO of crypto exchange Gemini.
Additionally, Finance Magnates reportedly said that the crypto fiat Singapore based exchange is expected to support the local Singapore dollar as well.
Let us not forget that in July this year, Singapore received the third rank as one of the most crypto friendly countries that allow Initial Coin Offerings (ICOs) by supporting numerous global ICO projects.
Binance executed a Memorandum of Understanding (MoU) by signing with Malta Stock Exchange’s Fintech and Digital Asset subsidiary, MSX Plc to introduce a new security token digital exchange recently.
In August this year, Binance LCX which is a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX) publicized the official launch of Crypto-Fiat exchange in Liechtenstein to consolidate trading activities between Swiss Francs (CHF) and Euros (EUR) against renowned digital currencies pairs.
In a nutshell, Binance is always exploring the opportunity on the crypto space by streamlining the entire ecosystem!!