Binance, the world’s most popular cryptocurrency exchange, announced today they’ll soon add Euro trading pairs to their platform.
According to the Bloomberg report, Euro trading will be offered through the exchange’s new Malta office. While an exact date has not yet been announced, Euro trading is expected to take place later this year. Binance CEO Changpeng Zhao also mentioned plans to add other fiat currencies to the platform, without providing specific details.
Despite launching less than a year ago, Binance has quickly became a crypto exchange powerhouse. While many competitors have been plagued by tightening regulations and company scaling issues, Binance has continued to grow.
Much of Binance’s success is due to it consistently adding new crypto-to-crypto trading pairs, currently tallying 351. This comes at a time when some competitors have actually been decreasing the number of cryptos they support, to avoid breaking securities laws.
Excluding Korean only cryptocurrency exchanges offering KRW pairs, Binance will be the first top 10 exchange with over 100 tradeable cryptos that also offers fiat pairs. Bitfinex represents the closest competitor, currently offering 64 cryptocurrencies, while also offering USD and Euro deposits. Unlike Binance though, Bitfinex does not accept U.S. customers and requires customers to hold at least $10,000 worth of value on its platform to use its features.
Over the last few months, cryptocurrency prices have been steadily declining, but this hasn’t seemed to phase Changpeng Zhao or his company. In his call with Bloomberg, Zhao also unveiled plans to receive an exchange license from Jersey in the Channel Islands, where he plans to open an office with as many as 100 staff. He’s also reportedly in talks with authorities and banks in Taiwan.
With this news and everything else we’ve seen out of Binance, it seems the exchange could very well become an even more dominant player in the space.