Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, has taken another big step in its growth by launching a new fiat-to-crypto exchange. The exchange was opened on the self-governing island of Jersey, acting as the exchange’s first fiat-to-crypto outpost, with a focus on serving the UK and Europe.
The exchange is targeting traders in this area allowing them to trade bitcoin and ether against the British Pound and the Euro. The new exchange is being classified as its own entity, while still falling under the parent umbrella of Binance.
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AND worked hard in the background for all this time!#BUIDL baby #BUIDLCoinDesk✔@coindesk@binance has launched a new fiat-to-crypto exchange on the self-governing British island of Jersey. http://ow.ly/Vwjp30nkyll 1,6355:48 PM – Jan 16, 2019Twitter Ads info and privacy377 people are talking about this
It is a significant step for the major exchange, which in less than two short years has grown explosively to top the tree of crypto exchanges. It has virtually dominated the crypto-to-crypto market by having the highest trading volume and now intends to expand into fiat-to-crypto trading.
Binance’s Impressive History
The number of cryptocurrency-related businesses have flourished since the boom of 2017. But, what is rare to see is one of these businesses maintaining 2017-like growth.
Binance appears to be a cryptocurrency success story. Founded in early 2017 by Changpeng Zhao, Binance held an ICO in July of that year for its BNB token. The ICO raised $15 million, which promised discounts on trading fees. The move turned out to be a shrewd decision, taking advantage of the 2017 excitement around ICOs and allowed Zhao to retain equity in the company.
They also managed to take that early investment to grow the company and become a top three cryptocurrency exchange, all in only 143 days after launch. In the first six months of 2018, they also saw incredible growth as the exchange went from boasting two million users to having over 10 million. With that growth, the exchange predicted—and likely achieved—a tidy $1 billion in revenue.
Despite the extended bear market through 2018, Binance maintained its stature as a secure, liquid, and readily available cryptocurrency exchange. Now, the latest move of opening a fiat-to-crypto exchange seems to suggest that they have laid a stable enough foundation to continue building through the tough market.
It may be too early to see if this entrance by Binance—entering another market, with the usual accompaniment of regulatory scrutiny—will bring them further success.
This post credited to Cryptoslate. Image source: Cryptoslate