The leading cryptocurrency exchange Binance revealed that it’s set to debut fiat-to-crypto pairs this year and it seems that the platform decided to start with the Euro.
Binance to enable Euro trading
CEO Changpeng Zhao told Bloomberg that the exchange platform will enable Euro trading in a few months.
The company relocated its headquarters to Malta after they were faced with some pressure from regulators in Japan. It also hopes to collaborate with the Malta Stock Exchange in the future as well.
Binance won’t stop there and Zhao has confirmed that more fiat-to-crypto pairs are on the way, although he’s not yet revealing which currencies will be supported.
The news is important for the crypto space and enthusiasts because everyone knows that for the moment just a few exchanges are currently allowing users to turn their cash into cryptocurrencies directly.
Binance has also said that the company is in talks with regulators and banks in Taiwan and is about to earn an exchange license from Jersey in the Channel Islands.
Binance to invest $1 billion in crypto and blockchain startups
The exchange has also announced a $1 billion fund to invest in cryptocurrency and blockchain startups.
The company claims that it will center its investments on specific aspects of blockchain technology like decentralized exchanges, payment platforms, and stable coins.
“Founded in July, Binance made a $150 million profit in the first quarter, with daily trading averaging between $1.4 billion and $1.5 billion, Zhao said. The company has 9 million users, he said, compared with more than 2 million at the start of the year,” Bloomberg reports.
“Binance is expanding despite a sell-off that’s sent Bitcoin down more than 50 percent this year. Cryptocurrencies lost $42 billion of market value over the weekend after a hack at a South Korean exchange,” Bloomberg notes.