Crypto exchanges are evolving and Binance has been at the forefront of it. Since its inception, the exchange has grown immensely from being just a platform to trade cryptocurrencies. With a plethora of trading products and a native token that has seen massive growth in its utility and worth, Binance rose to be the world’s number one cryptocurrency exchange by volume.
Making crypto accessible to everyone with Binance Cloud
Now, the exchange has finally launched the much anticipated Binance Cloud, an all-in-one infrastructure platform that enables launching of digital asset exchanges based on Binance’s industry-leading matching engine, security controls, and liquidity as well as custodial services. Adding to this, the solution also includes a dashboard for managing funds, multilingual functionality, as well as a range of trading pairs and coin listings.
Binance Cloud will offer local exchanges spot market and futures trading, as well as local bank API integrations and peer-to-peer (P2P) fiat-to-cryptocurrency exchange services. In the future, the Binance cloud also has plans to add new features like over-the-counter trading services alongside added support for token issuance with an initial exchange offering platform.
Using a product like Binance Cloud would relieve potential exchange operators of the software burdens involved in security and scalability. That gives them more time to worry about, say, getting the proper licenses and registrations in their jurisdiction.
Speaking on the matter, Binance CEO Changpeng Zhao told media outlet Cointelegraph that the new service is aimed at regions that are not covered by Binance itself. He also added that this service would allow users to launch an exchange in three to five days if all other formalities have been met.
CZ also mentioned that Binance Cloud is the first initiative of its kind. The service is also in line with Binance’s mission to make crypto accessible for everyone. He added:
“We want to enable more of our partners to access crypto so that other people can do this together with us in enabling people to access crypto. So the concept behind Binance Cloud is that we want to provide a platform where other people can help us enable access to crypto. So that’s really the idea behind it.”
Recently, CZ also confirmed that Binance has submitted an application to Singapore’s authorities in hopes of acquiring a license to operate in Singapore. CZ told Bloomberg:
“We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”
Binance is still on a mission to “Increase the freedom of money” and all the moves and advancements are ultimately aimed at this through cryptocurrency.