In a groundbreaking move, crypto-exchange giants Binance have just announced their intentions of providing their clients with a Malta-based Crypto-to-Fiat trading platform this year, a move that will only strengthen the company’s position as the no.1 crypto exchange in the world.
Crypto exchange heavyweights Binance today (June 12) announced groundbreaking plans to provide their customers with a fiat-crypto trading platform this year. The platform would be structured to run through a specific Malta-based exchange. Binance – with a turnover of $1.5 billion in trading per day – are the largest cryptocurrency exchange in the world. With the virtually guaranteed massive success of the upcoming Maltese trading platform, remaining no.1 looks a shoe-in.
The Bloomberg TV network reported earlier today that Binance would, according to company founder and CEO Zhao Changpeng:
“Soon allow customers to convert digital tokens into fiat currencies.”
Zhao went on to announce that Binance are to establish a crypto trading platform in Malta, and it would be via this venue that Crypto-Fiat trading will be offered. Initially, trading will be restricted to Crypto-Euro deals, but Zhao said he has plans to add other fiat currencies.
Binance was founded in July 2017 by Chinese born, Vancouver-based tech programmer, developer and entrepreneur Changpeng Zhao. Zhao had previously worked for the Tokyo Stock Exchange and Bloomberg Tradebook as a software designer. In 2005 Zhao founded Fusion, a tool for stock-market brokers that was years ahead of its time, as still used today.
In July 2017, Binance’s ICO raised $15 million in capital, and that was put to work in turning the startup into a powerhouse. Initially based in China where it became very big very quickly, within two months Zhao was forced to shift his operation to Japan ahead of the Chinese government’s ban on crypto trading in September 2017.
This year, Binance had made $150 million in profit by the end of the first quarter (March). An average daily trading for Binance involves transaction that total around $1.5 billion, and the company already has 9 million users. The reason why Binance is so popular is because while its technology is state of the art, it is also user-friendly, with lots of clever, easy-to-use features, trading pairs, excellent security, liquidity, plus low fees.
The fact that Binance went from zero to the world’s No.1 crypto trading platform IN 100 DAYS is fast becoming the stuff of legend, and in an industry loaded with hyperbole, Binance’s level of success is unrivaled.