Posted 2 years ago | by Ben Armstrong
Binance to Launch New Crypto Exchange for South Korea
According to a recent announcement, Binance disclosed that there is a new crypto exchange for its South Korean users, Binance KR, which will launch soon. The exchange is aimed solely at the South Korean market, which has a very high level of crypto engagement.
In a previous announcement from February 17, Binance stated that Binance KR is powered by Binance Cloud, and is "an infrastructure solution for customers and partners to launch digital asset exchanges leveraging Binance’s industry-leading technology, security, and liquidity".
Binance also expanded on Binance Cloud:
"provides partners and customers with a means to efficiently set up a digital asset trading platform in their local markets, with features that include spot market and futures trading, as well as local bank API integrations and peer-to-peer (P2P) fiat-to-crypto currency exchange services."
New Options for Korean Crypto Traders
Binance is looking for ways to make cryptos more available in nations that have already shown interest in the asset class.
Changpeng Zhao, the Co-Founder and CEO of Binance, told media via a statement:
"As a part of Binance’s Open Platform initiative to enable more crypto access globally, Binance Cloud supports its customers and global partners with a complete turn-key exchange platform solution, consolidating the new financial infrastructure to an open platform based on blockchain technology...With these initiatives focused on opening access to Binance’s technology and resources as an infrastructure provider, we aim to limit the technical challenges for platforms and partners, allowing them to focus on their users and local fiat access and accelerate the global adoption of crypto."
While promising the Binance Cloud service is "an all-in-one solution, featuring an easy-to-use dashboard that allows customers to manage funds, trading pairs and coin listings, as well as multilingual support, depth-sharing with the Binance.com global exchange, and more opportunities to collaborate with the ecosystem,"
Binance also will provide some additional features for its users soon, including "staking and OTC (over-the-counter) trading services, as well as token launch capabilities via an IEO (initial exchange offering) platform."
Binance KR is the first crypto trading platform completely provided by Binance Cloud is expected to start allowing user registrations and deposits on April 2.
The platform will allow Korean citizens to trade in BTC, ETH, BNB, and BKRW. New accounts will allow users to convert between the South Korean Won (KRW) and BRKRW, a stablecoin. In a market like South Korea, it is likely that Binance's new platform will be popular.