Leading crypto exchange Binance just recently made waves after its announcement that it plans to open a fiat-to-crypto exchange in Malta. This will allow traders to turn their euros into crypto.
CEO Changpeng Zhao has revealed further plans to expand by creating cash-to-crypto exchanges in Asia and Uganda.
Binance plans to set up more fiat-to-crypto exchanges
“We are setting up a fiat-to-crypto exchange in Malta and also in Uganda and, hopefully, in Asia as well,” Zhao told Cointelegraph.
“We are setting up fiat exchanges. That’s in progress now. I don’t know exactly when they’ll be up and running, but hopefully, this year.
Zhao also announced a bunch of new details on Binance Chain which is the firm’s decentralized exchange that is currently in the works.
The platform is set to launch this year and because of its decentralized nature, the Binance team will have less control over the coins that will be listed on the upcoming platform.
Regarding Bitcoin, Zhao thinks the leader in the market will increase a few hundred percents each and every year for many years to come.
Zhao saw Bitcoin’s potential a long while ago
He said that the moment when he heard about Bitcoin for the first time in his life he could see its potential to diminish the fees involved in transferring money overseas.
“Also, on the first day I learned of Bitcoin, I thought, ‘Wow, this is going to be very good internationally,’ because I have personally experienced a lot of trouble transferring money from one country to another. For example, if I moved to Hong Kong, I would be wanting to transfer money from Canada to Hong Kong – it is a pain,” Zhao said.
“I understood the impact of that. China, Canada, the US, Hong Kong, Japan – I’ve lived in all of those places and that experience helps a lot,” he concluded.
Zhao launched an ICO for Binance back in July of 2017.
The one year anniversary is just around the corner and the platform is the undisputed market trendsetter. It’s currently boasting more than $1 billion in trading volume.