While speaking at Consensus Singapore, Zhao shared that the company is focusing on fiat-driven exchanges to further promote adoption, emphasizing that these systems fit better into local economies and makes working with governments more efficient.
Fiat is still where all the money is in. … And we’ve got to open that gate.
The news comes just days after Binance open live money trading for its upcoming Singapore fiat-to-crypto exchange. The platform is open as a closed beta, meaning that only select invited users are able to participate. There is no indication at this time what digital currencies will be available for trading at launch.
These launches show a clear pattern of strategic expansion targeting small and emerging markets, aligning with what CZ said in an interview Fortune last month. According to the report, Binance is less interested in competing with Coinbase in the U.S. market, preferring to instead focus efforts in places like Malta where he can promote decentralized financial systems directly with heads-of-state.
Binance’s activities have perhaps been best reflected in the performance of its exchange token, Binance coin (BNB).
BNB currently has a market cap of $920 million, making it the 16th largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, and first in the AltDex Exchange Token Index (ALTEXC).
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.