The CEO of the world’s largest cryptocurrency exchange Binance, Changpeng Zhao is in the cryptocurrency industry conference “Cumberland Summit” (September 14th – 16th) in Singapore. The summit consists of major names of crypto space like Thomas Lee from Fundstrat, Tyler Winklevoss, representatives from Binance and many more.
On Saturday, 15th Sep, CZ announced on Twitter that Binance is going to launch a “live money beta testing” of Singapore FIAT exchange, starting from Sept 18th. He tweeted on the second day (out of three) of Cumberland summit, occurring in Singapore:
I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting! https://t.co/Hzo6jLLkfS— CZ Binance (@cz_binance) September 15, 2018
It can be assumed that before the year’s end, Binance would support Singapore Dollar (SGD) pairs including foreseen alternatives like SGD/ETH pair and SGD/BTC pair.
Currently, the SGD pairs will be solely accessible in closed beta, i.e. this feature is relied upon to be available on the basis of invitation only, beginning on September 18. Well CZ did not declare that when will the rest of the Binance community get access to these pairs.
The news of launching a “live money beta testing” of Singapore FIAT exchange is exceptionally energizing for traders in Singapore who have been sitting tight for Binance to support the Singapore Dollar (SGD).
Since most cryptocurrency exchanges rely upon ETH or BTC as a base resource for liquidity, the posting of crypto tokens combined with FIAT will without a doubt be another remarkable step towards crypto adoption.