Binance will let users soon convert their fiat currency into cryptocurrency and reverse. The service will be available via Maltese platform.
The second largest crypto exchange in the world, according to the 24 hour-trading volume, will soon release its first euro trading pair. The first announcement was made by Bloomberg, stating that Binance will “soon allow customers to convert digital tokens into fiat currencies”. Immediately after the announcement, a representative of the crypto exchange decided to clarify the situation in order not to mislead the users.
Note that Binance is a crypto-to-crypto trading platform, so the company will launch a new platform to allow the transfer between fiat and crypto assets. The future platform will be released in Malta, while the first available pair will be euro-Bitcoin, according to Binance representative.
Binance is fast approaching its July anniversary, with a database of $ 9 million users. According to Bloomberg, the crypto exchange has entered in 2018 with $ 150 million profit and 2 million users. Also, the crypto exchange continues to expand. The company hopes to receive authorization from Jersey in the Channel Islands while being in negotiations with the Taiwanese authorities.
— CZ Binance (@cz_binance) June 11, 2018
Binance announced its move to Malta by the end of March 2018 after being pressed by the Japanese authorities on the platform’s status in accordance with the country’s legislation. Since then, the company has invested heavily in businesses based in Malta and not only. One of them is chiliZ, an enterprise that aims to integrate blockchain technology into the gaming industry.
In addition, Binance is going to release a $ 1 billion fund to support crypto and blockchain-based startups. The announcement was made on 31 May 2018 by Ella Zhang, Head of Binance Labs.
“We’d like the bubble to break. We still see a lot of hype in the market, valuations are high and unreasonable. We really think if the bubble bursts, it’s a good thing for the industry,” Zhang stated, adding that the fund is “to fight scams and sh*t coins, and to boost crypto and blockchain technology.”