Wednesday, May 27, 2020

Binance CEO Reveals Launching Fiat Exchange In Singapore

Binance CEO Changpeng ‘CZ’ Zhao recently posted on his twitter account that Binance is about to launch a fiat exchange service in the city-state of Singapore.

Binance has been the most popular and most-used cryptocurrency exchange company in the whole world. The company boasts their everyday transactions that have normally summarizing to $1 billion amount of transactions each day. This is the reason why Binance’s future plans in regards with cryptocurrency expansion is a great deal for the industry.

As reported in Zhao’s twitter post on Sept. 15, he mentioned that the company will expand their services by providing fiat exchange in one of the cryptocurrency’s hot spot – Singapore. The tweet said that the plan of its launching would be featured on its beta testing on September 18, Tuesday.

“I just slipped that we will begin Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting!” CZ posted on his twitter account.

There is still no further information released about the revelation of Zhao but it is certain that the exchange services will provide Singapore Dollar (SGD) exchanges with Bitcoin and Ethereum.

The slip of the tongue incident came as CZ was surrounded by some of the major names in the crypto world such as representatives from Binance, Thomas Lee from Fundstrat, and Tyler Winklevoss in the recent event of Cumberland Summit held in Singapore itself. This major news became the center topic on the said summit which became a great news for Singaporeans as Binance is now entering their economy.

Singapore as a Rising Global Hub of Cryptocurrency

Although, Singapore has been presenting itself as one of the ‘Four Asian Tigers’ which has the highest development when it comes to their economic state, the idea of cryptocurrency is still not considered as a legal tender which means that exchanges in this method are not recognized by the country itself. However, a lot of investors and crypto enthusiasts preferred Singapore as the citizens of the country are welcoming and open with the concept of cryptocurrency.

As a matter of fact, Singapore can be recognized as a crypto financial hub due to its relatively low taxes, a good place to launch ICOs and has a good atmosphere for the tech facilities of cryptocurrency minings. Some of the companies that already launched their branch in the country are Coinbase, Gemini, and Huobi which justifies the decision of Zhao in its launching in the country.  Interestingly, even the rising cryptocurrencies are made and founded in Singapore such as Litecoin, TRON, and VeChain.

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