Binance Just Getting Started, Looking to Add Cash-to-Crypto Options in Asia and Uganda
The leading cryptocurrency exchange Binance recently made waves by announcing its plans to open a fiat-to-crypto exchange in Malta that will allow traders to turn their euros into crypto.
Now, CEO Changpeng Zhao has revealed further plans to expand by creating cash-to-crypto exchanges in Asia and Uganda.
“We are setting up a fiat-to-crypto exchange in Malta and also in Uganda and, hopefully, in Asia as well,” Zhao told Cointelegraph. “We are setting up fiat exchanges. That’s in progress now. I don’t know exactly when they’ll be up and running, but hopefully, this year.
Zhao also recently revealed new details on Binance Chain, the company’s decentralized exchange that’s currently in development.
The platform is set to launch this year. Due to its decentralized nature, the team at Binance will have far less control over the coins on the upcoming platform.
As for Bitcoin, Zhao thinks the market leader will increase a few hundred percent each year, for years to come. Zhao says the moment he first heard of Bitcoin, he could see its potential for easing the costly burden of transferring money overseas.
“Also, on the first day I learned of Bitcoin, I thought, ‘Wow, this is going to be very good internationally,’ because I have personally experienced a lot of trouble transferring money from one country to another. For example, if I moved to Hong Kong, I would be wanting to transfer money from Canada to Hong Kong – it is a pain. I understood the impact of that. China, Canada, the US, Hong Kong, Japan – I’ve lived in all of those places and that experience helps a lot.”
Zhao launched an ICO for Binance in July of 2017.
Now approaching its one-year anniversary, the platform is the undisputed market trendsetter, and currently boasts more than $1 billion in trading volume.