Major crypto exchange Binance is reportedly planning to launch a fiat-to-crypto OTC trading soon, aiming to capture the Chinese crypto marketplace.
It was first revealed by Binance’s co-founder and chief marketing officer He Yi during the Shanghai Blockchain Week. The platform will soon re-launch the fiat on-ramp crypto exchange in China in October. However, the country had previously prevented the free entry for-all exchanges against the yuan.
Per the company’s representative, so far, Binance has served the OTC trading service to its high-net-worth individuals who have involved with the large transactions. Notably, Binance finds an interesting growth in OTC trading in the past, almost $80 Mln in profits. With the new OTC trading service for the Chinese market, the exchange is likely outpace further.
However, Yi also reveals that the Binance is too close to launch a new payment service to serve 170 countries, enabling them to buy crypto directly on Binance.com.
Despite the severe hack incident in the past, Binance managed to be the leading name among the largest crypto exchange by volume. Moreover, it has become the prominent exchange to regularly roll out new features, expansions, and other services to the entire crypto market. Noticeably, the exchange has recently invested in Chinese crypto media outlet, Mars Finance for an undisclosed amount in funding round.
Furthermore, it’s worth reminding that the exchange acquired a derivative platform dubbed as JEX and announced the launch of two derivative platforms soon – one being the JEX exchange and another being built by Binance’s own team.
As for China, the country has revealed the plan to launch its own cryptocurrency which reportedly bears the similarities of Facebook’s proposed digial currency, Libra. Moreover, it mentioned that the country’s upcoming cryptocurrency will be more convenient just like notes – particularly, the currency is designed to use even if there’s no electricity.
Image Source – Flickr
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
