Binance is all set to expand its operational geographic dimensions with the launch of “Binance KR” on the Binance Cloud platform. The renowned crypto exchange will launch the South Korean exchange on the cloud solution to kickstart its journey in the region’s marketspace.
The news comes summed up with Binance Ltd.’s acquisition of BxB Inc., which is the firm behind the world’s first KRW-backed stablecoin, KRWb. Binance earlier broke the news about its partnership with BxB to bring mass-market crypto services to South Korea.
Binance is entering the South Korean market, through the imminent launch of Binance KR, the first global use case of our Binance Cloud solution unveiled last month.https://t.co/ifHkFHxjls
— Binance (@binance) March 31, 2020
The details regarding the trading of BKRW are mentioned below. Have a look:
- April 2, 2020, 1 AM UTC (10 AM KST): Registration and deposits shall kickstart
- April 4, 2020, 1 AM UTC (10 AM KST): Trading Opens
- April 9, 2020, 1 AM UTC (10 AM KST): Withdrawals gets started
As per the reports, the launch will be the first global application of the highly anticipated Binance Cloud solution that was launched last month. Binance KR will allow the investors to trade in Binance KRW (BKRW), a BEP-2 stablecoin pegged by South Korean native currency, Won. The stablecoin was recently added to the list of currencies on Binance.com. It will provide open trading features for top-rated cryptocurrencies like BTC, ETH, BNB, and BKRW. In the future, the exchange shall be adding support for USDT and BUSD stablecoins as well.
“We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean Won in order to expand our local services,” stated Changpeng Zhao, Binance CEO.
Binance KR shines as a highly competent crypto-to-crypto exchange designed specifically keeping in mind the requirements of the Korean crypto community. The platform is studded with the unique lucrative features of Binance, including the market’s deepest spot trading liquidity, efficient matching engine, revolutionary security mechanisms, advanced custody, and risk parameters. With the launch of Binance KR, the investors will be able to convert their funds in South Korean Won into BKRW stablecoins for trading purposes.
“We are committed to bringing a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together,” quoted Jiho Kang, Co-CEO of Binance Ltd.