Cryptocurrency exchange leader Binance says it’s working on fiat-to-crypto features that could have a major impact on the market’s reliance on Bitcoin.
Now that it’s moving to Malta, the company says it’s talking with banks on the small island nation and expects to close a deal that will allow it to accept fiat deposits and withdrawals.
It’s not clear whether the new features will be implemented on Binance.com or if they will be revealed on an entirely new platform. Chief Executive Officer Changpeng Zhao told Bloomberg that Binance is about to create a “fiat-to-crypto exchange,” which makes the exact details of the situation a bit cryptic for now.
According to Zhao, the company plans to shake hands on the deal in the near future.
“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”
The cryptocurrency community has long relied on Bitcoin as the main gateway to enter the market, and just about every coin in existence is eager to gain its own USD trading pair.
In a separate announcement, Binance said it’s also building a decentralized exchange that could be released this year.
Binance is moving from Hong Kong to Malta in response to China’s crackdown on cryptocurrency exchanges late last year – a decision that’s clearly freeing the company up to make some innovative moves in the market.