CEO Zhao Changpeng of Binance, one of the largest cryptocurrency exchanges by trading volume, has announced that their platform would soon be able to support Fiat currency too, for ex, Euro. The euro trading is expected to commence later this year from their Malta base.
Although most exchanges stay away from Fiat and only offer crypto-to-crypto trading to evade regulatory scrutiny by regulatory bodies, Zhao stated that they plan to other fiat currencies, without elaborating further.
The growth of Finance is incredible having now has 9 million users, compared to 2 million at the beginning of this year. They are expecting to receive an exchange license from Jersey in the Channel Islands, and plan to extend their office with 100 staff. The company is also in talks with authorities and banks in Taiwan, Zhao stated.
Growth of Binance
As of the time of writing, Binance was the second largest cryptocurrency exchange by 24-hour volume (with fees), preceded only by OKEx. This sets it into third place in the category of all cryptocurrency exchanges, as BitMex has the greatest trading volume.
Meanwhile, the exchange’s blockchain incubator Binance Labs intends to set up a USD 1 billion investment fund for blockchain-based systems. Binance will provide financial support as a limited partner, as well as share incubation projects from Binance Labs.