Binance, the world’s largest cryptocurrency exchange is looking to expand its global presence into the South Korean market through the launch of a new crypto exchange dubbed Binance KR.
According to a Tuesday announcement, the upcoming exchange will be built on Binance Cloud, an all-in-one solution for partners to launch digital asset exchanges quickly. The report further notes that Binance KR will be the first global use case of the Binance Cloud which was launched in February.
The exchange will debut as a crypto-to-crypto exchange for Korean users, operating in line with local regulations. It will leverage the important functionalities of Binance, which includes the most robust matching engine, the market’s deepest spot trading liquidity, custody, most advanced state-of-the-art security, and risk controls.
Binance KR to Support BKRW Stablecoin
Binance KR will also support the trading of Binance BEP-2 stablecoin (BKRW), which is backed by the South Korean Won (KRW). The stablecoin has already been listed on the parent exchange.
The CEO of Binance, Changpeng Zhao (CZ) commented in the report:
We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean won in order to expand our local services.
Korean users will be able to convert their fiat currency from the exchange easily into BKRW stablecoins for trading easily. In addition to trading BKRW, the exchange will also support Bitcoin (BTC), Ether (ETH), and Binance Coin (BNB).
Binance Acquires BxB Inc.
As per the report, Binance Ltd. also announced it has acquired BxB Inc., a fintech company behind the first KRW-backed stablecoin dubbed KRWb. Previously, both entities partnered to provide crypto services to South Koreans, while also being fully compliant.
Recently, Binance introduced a cryptocurrency payment card dubbed “Binance Card,” which is aimed at making crypto transactions and spending more easily. Per the report, the card works like every other debit card, however with extra benefits.
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