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Binance Intends To Set Up Fiat-To-Crypto Trading Platforms On Every Continent

Binance CEO Changpeng Zhao in the recently held Consensus Singapore even during a fireside chat said that the exchange wants to set up fiat-to-crypto trading platforms on almost every continent. During the fireside chat, Zhao discussed a range of topics, including his future vision for the exchange platform.

Zhao mentioned during the conversation that next year around this time of the year, he wants Binance to launch 5 to 10 crypto exchanges, with ideally two per continent. This announcement is in line with Binance’s present efforts to roll out an exchange in Singapore. This exchange will be supporting fiat-to-crypto trading services.

Zhao also mentioned during the chat that after conducting a closed testing on September 18, he hopes the Singapore platform should be up and running for crypto trading within months. He, however, added that working with regulators and banks is relatively much tougher than just with cryptocurrencies.

Zhao mentioned during the conversation that the exchange plans to continue working with relatively smaller countries like Malta. He said that the main reason for doing so is that these smaller nations tend to respond in a much more efficient way.

Zhao confirmed during the fireside chat, that in the first quarter of 2018, the exchange made $200 million in profits. The assets are however all in cryptos, he said. The profits declined in Q2 owing to a market drop of $150 million, he added. Touching upon Binance’s rapid growth, Zhao said that some credit must be given to the luck factor, as the exchange was established with the “right thing at the right time”, as stated in the CoinDesk report.

During another recently held interview, on being asked whom Zhao views as Binance’s main competitors in the crypto trading domain, he said that in the wallet sphere, there are some new products emerging. However, the field is still in its nascent stage he said. Presently, according to Zhao, Binance’s TrustWallet still offers the best mobile support. He added that as for exchanges, he doesn’t consider other exchanges as competitors. He said that the industry is still young and there is space for everyone to grow, as mentioned in the Forbes report.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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