Binance officially launches Singapore-based fiat-to-crypto platform

The world’s largest digital currency exchange, Binance, has officially launched its new fiat-to-crypto trading platform in Singapore, industry website Coindesk has reported.

Binance Singapore will enable cryptocurrency trading in Singapore dollars and will support three crypto assets – Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB). The platform had a soft launch in April and since then has experienced average weekly user growth of 20%.

“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner,” Binance’s founder and chief executive officer Changpeng Zhao said, as quoted by Coindesk.

The company first revealed the Binance Singapore project in mid-September, when Zhao said that a closed beta for the project was about to begin. Just over a month later, Binance announced that it had accepted financial backing for the project from venture capital network Vertex Ventures. While the size of Vertex’s investment hasn’t been disclosed, Binance believes that the partnership with the venture capital firm will also help establish a fiat-to-crypto gateway to “set the stage beyond the island”.

Binance has two other fiat-to-crypto exchanges, located in Uganda and Jersey, respectively. Along with Binance Singapore, these platforms are part of Binance’s plan to expand beyond its core crypto-to-crypto trading business.

Earlier this month, Zhao announced that crypto futures are coming to its main platform, which supports hundreds of digital currencies. The futures trading feature will be introduced a few weeks after margin trading has been rolled out to all Binance users. The margin trading launch is expected to take place this week.

Meanwhile, Binance’s native token has seen some losses over the past 24 hours amid a notable downtrend observed across the altcoin market. As of 11:30 BST on Wednesday, the BNB price stood at $32.30, down from its Tuesday close of 32.71. The coin has lost 3.5% in the past 24 hours, according to data from digital currency tracker Coinmarketcap.

Featured image: Diego Ioppolo / Shutterstock.com

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