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.
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