Binance To Begin Closed Beta Testing Of A Fiat Crypto Exchange In Singapore
One of the largest cryptocurrency exchanges, Binance, will launch a closed beta test of a new crypto-fiat platform in Singapore this week. Binance CEO and co-founder Changpeng Zhao wrote about this on his Twitter..
“I just announced that we will begin closed beta testing of fiat exchange #Binance Singapore with real money on September 18th, in 3 days. Tempting! ” – he wrote.
Prior to tweeting the news, according to Finance Magnates, Zhao made the announcement at a blockchain event in Singapore sponsored by cryptocurrency asset firm Cumberland. The conference was attended by another prominent figure in the cryptocurrency space – the co-founder and CEO of Gemini exchange Tyler Winklevoss.
Other details of the opening of the new Binance venture have not been disclosed, however, it is assumed that the new exchange will support the Singapore dollar.
The city-state of Singapore has a population of 5 million and is one of the four “Asian Tigers”, that is, the countries showing the most confident economic growth. It positions itself as an attractive jurisdiction for multinational businesses, for example by maintaining low taxes. In mid-July, Singapore was recognized as the third most favorable ICO location in the context of the number of successful global ICOs.
Last week, Binance signed an MOU with the fintech division of the Malta Stock Exchange, under which the two companies will develop an exchange for exchanging digital security tokens..
Earlier, a joint venture between Binance and the Liechtenstein Cryptoasset Exchange (LCX) Binance LCX announced the creation of a new crypto-fiat exchange in Liechtenstein, which will allow the exchange of Swiss francs and euros for the largest digital currencies.