On March 31, 2020, Binance announced it would soon be launching Binance KR, a South Korean crypto-to-crypto exchange, as the first global use case of its recently launched service, the Binance Cloud.
Binance KR is scheduled to go live for registration and deposits on April 2, trading on April 4, and withdrawals on April 9. It will enable South Korean customers to open-trade several coins, including BTC, ETH, BNB, and BKRW, easily convert and SKW into BKRW as well as expect support for USDT soon.
The launch of Binance KR marks Binance’s official entry into the South Korean Market. It will include support for Binance KRW (BKRW), a Binance-issued And South Korean Won (KRW)-backed BEP-2 stablecoin that launched last month.
Binance Cloud is a B2B2C service that was launched in February 2020 as the first of its kind in the market and allows digital asset trading platforms like crypto exchanges to launch their platforms. Once launched, the platforms are independent, but they get to share Binance’s security, liquidity, and performance. During the launch of Binance Cloud, Binance stated:
“Binance Cloud is a product suite previously missing from the market. We are eager to share the quality experience of Binance through different brands, communities, and markets globally.”
Binance KR Marks Binance’s Significant Entry into the South Korean Market
A month before the launching of Binance Cloud, Binance announced its new partnership with South Korean fintech company BXB as an investor. BXB is the startup behind KRWb, the first KRW-backed stablecoin. Binance CEO Changpeng Zhao stated:
“This investment is another step forward in exploring avenues of growth in Korea, which is an industry-leading market strongly positioned to stimulate blockchain innovation throughout Asia.”
The new announcement, however, mentioned an additional development that Binance Ltd has now acquired BXB Inc. In regard to this, Binance Ltd CO-CEO Jiho Kang stated:
“We are committed to bringing a fully compliant world-class digital asset exchange to the Korean Market via Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together.”
Binance Is Moving Fast To With the Launch and Acquisition of Multiple Services amidst Ongoing Global Coronavirus Crisis
All through the month of March, Binance, as well as a few other crypto startups, have unveiled multiple services and products that are aimed for a future beyond the Coronavirus outbreak and its global economic effects.
Binance is closing the month with probably the biggest acquisition news in 2020 so far after a report by The Block stated that Binance is in its final stages to acquire CoinMarketCap in a deal worth up to $400 Million.
As the worlds’ leading cryptocurrency data aggregator, CoinMarketCap draws the highest user traffic in the world, and according to the report, this is the major reason for its acquisition by Binance.