The leading crypto exchange quietly dropped the news that it was entering the South Korean market with Binance KR earlier this week. Not only will this be the first exchange to run on the Cloud but it will be zero-fee as well.
Binance KR to Leverage Core Functionalities
When Binance announced the launch of Binance Cloud in February, CEO Changpeng Zhao (CZ) said that he expected it to become the company’s biggest revenue source over the next five years. He also said he would favor markets in which the exchange doesn’t yet have a strong presence.
Now, starting from April 6, the team is entering the South Korean market, lending Binance KR all its core functionalities from the get-go. This means that traders can enjoy spot trading liquidity, the robust matching engine, and “state-of-the-art security.”
While CZ also said that his Cloud services would favor fiat exchanges, as customers, the new platform comes shortly after the company’s acquisition of Korean fintech startup BxB Inc., the company responsible for launching the world’s first Korean Won-backed stablecoin (KRW). CZ said:
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.
Zero Fees for the First Three Months
It seems that CZ’s first foray into the South Korean market and first use case for its cloud services isn’t groundbreaking enough for the ambitious company.
Today, Binance also announced that the exchange will launch with zero trading fees on all markets for the first three months. Binance KR will open with BTC, ETH, BNB, and BKRW and looks set to build its Korean base fast. World domination? We wouldn’t expect anything less.
What do you make of Binance’s latest exchange platform launch? Add your thoughts below!
Images via Shutterstock