Cryptocurrency investors based in Europe and Britain now have a new platform where they can invest in digital assets using their respective fiat currencies.
Binance has recently launched a new platform called Binance Jersey which allows users to buy cryptocurrencies with Euros and British Pounds.
Bringing Crypto and Fiat Closer
Binance’s new platform launched in the British Crown dependency of Jersey will allow users to buy cryptos with the British Pound (GBP) and Euro (EUR).
Binance Jersey will only allow trading in Bitcoin and Ethereum to begin with for both fiat pairs. Users will need to complete the basic account verification procedures (KYC) before they can trade.
Binance CFO, Wei Zhou noted that expanding into the European region with crypto to fiat options will open new economic opportunities for its citizens. It will also provide freedom from the uncertainties of BREXIT as the pound and euro are both being accepted.
“Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption.”
Is Jersey the New Malta?
Jersey is also following Malta’s path in Europe, getting ahead of its larger neighbors by establishing itself as a hotspot for ICOs and other cryptocurrency ventures.
Binance also believes that Jersey will be a significant driving force in the European crypto market like Malta.
Binance’s new exchange platform will be a big help in promoting more crypto industry growth on the island, as well as the development of local talent and banking relationships.
Binance forged a partnered with Digital Jersey in June 2018 to help support the up and coming crypto ecosystem in the region.
Zhou has talked about the exchange’s keen interest in Jersey calling it an “undisputed pioneer in blockchain development.”
Binance has also launched a promotional scheme for the new users, giving away 20 EUR to the first 5,000 sign-ups who complete KYC on the platform.