It’s hard to know which cryptocurrency exchange is ‘the biggest in the world’ but in reality, it doesn’t really matter does it? What matters, is how these exchanges plan on bringing cryptocurrency to the masses. We are still in the investment phase, people buy and sell crypto to make a profit and for the love of the industry. Once exchanges start to open up to institutional and mainstream use, cryptocurrency adoption will become a more realistic prospect, therefore we need to know now how cryptocurrency exchanges plan on bringing adoption to the fore. How do they plan on getting new customers involved and how do they plan on delivering crypto to the world?
Binance already have an idea
We are currently in the midst of the Consensus Singapore Conference, during which Changpeng Zhao, the CEO of Binance has spoken out about the companies plan for ‘world domination’. Binance intend to open up to ten cryptocurrency to FIAT exchanges across five continents of the world.
They aren’t just focusing on Asia, Europe and North America, Binance want to conquer South America and Africa too.
The Binance FIAT to Crypto exchange platform is currently being developed in Singapore, though within the next 12 months, Zhao believes Binance will have multiple exchanges of this nature operating across the 5 major continents. As it stands, the Singapore ‘test’ version of the platform is now in operation via a beta invite-only release. As the platform works directly with banks and regulators alike, Zhao has commented on the time it is taking for the full roll out of the platform, simply because of the logistical difficulties presented when working with regulators and banks.
The plan is simple
Once the banks and regulators in Singapore are happy, Binance’s first ever FIAT to Crypto exchange will go live. This will then be replicated across the globe. Simple, right?
Why FIAT to Crypto?
According to Cryptoglobe:
“Explaining why Binance is getting into the fiat-crypto space in the first place even though it is known more for crypto-crypto trading, Zhao further explained that the total capitalisation of the crypto market is still many times less than traditional financial markets, making it necessary to open the gate to allow that money come into crypto. According to Zhao, Binance will chase this strategy by forging partnerships with small countries like Malta in order to take advantage of their friendlier and more responsive regulatory atmosphere.”
Essentially, Binance want to drive adoption forward, Zhao knows they can do this by working alongside regulators that are bullish about crypto. In order to spearhead the charge for adoption, Binance need to be as open as possible and therefore, FIAT to Crypto options are vital.
Overall, this is an exciting time for the Binance project. The next 12 months may very well open up Binance’s doors to a new time of investor, the mainstream investor. By spearheading a drive for cryptocurrency adoption, Binance have a great responsibility in their hands, therefore, close work with banks and regulators is essential and actually, it’s a good thing, all things considered.