Binance, the largest exchange by daily trading volume, has some of the most popular coins and a host of initial coin offering (ICO) tokens listed. The Founder and CEO Changpeng Zhao revealed the exchange’s global expansion plans on the first day of the Coindesk Consensus event in Singapore. During his session on stage, he noted that the crypto exchange wants to open a cryptocurrency trading platform on almost every continent.
Taking Binance From a Start-up to a Massive Exchange
While addressing the audience, Zhao talked about the journey of Binance from a new platform with $15 million in ICO funding to one of the largest crypto exchanges in the world. He said that in the next one year, the company intends to launch up to 10 new fiat-to-crypto exchanges, two on each continent would be ideal. The exchange is already rolling out one trading platform in Singapore that will provide fiat-to-crypto services to users.
He said that the testing for the Singapore platform has closed, and it could be up and running within months. He also noted that working with cryptocurrencies is much easier than working with banks and regulators.
Is Binance Breaking Code for the Money?
Binance’s prominent position as a crypto-to-crypto exchange is changing as the platform is now more open to fiat. Zhao admitted that the traditional financial markets still enjoy a better market capitalization than cryptos. He added:
“Fiat is still where all the money is in … And we’ve got to open that gate.”
The exchange plans to partner with smaller countries like Malta, which can respond more easily and efficiently. He explained:
“You can access to the top-level government officials, and they respond to your questions more directly and efficiently … And they do appreciate the investment you are bringing into the local economy.”
However, he also suggests that this move is not a pivot of the firm’s original goals. They still want to build a decentralized exchange.