The Binance CEO, Changpeng Zhao, reveals that Binance will expand to five continents in a bit to bring their services closer to people. The firm will carry out this ambitious plan by opening crypto exchanges in strategic locations. Further, the CEO reveals that the number of the centers will range from ten to at least five.
He was speaking to Coindesk at Consensus Singapore. Singapore will be one of the cities that will host the continental office to serve the Asia Pacific. It is important to note that Binance will be giving preference to countries that have a Crypto friendly environment such as Malta.
The Demand For Crypto Exchange Services Is On The Increase
Despite the fact that Cryptocurrencies are currently feeling the pinch of volatilities, the digital assets continue to attract increased activity from investors. Some of the investors are looking to use the volatility to their advantage by purchasing Cryptocurrencies at low prices as they expect to gain massively when the prices soar. This is the category of speculative investors.
On the other perspective, there are those investors who are looking to trade their Cryptocurrencies. They may be doing this due to factors such as avoiding massive losses in the light of possible losses when the Crypto market sheds off its value in bearish trends or finding liquidity for digital assets in order to get fiat money.
The two motives are making are the driving force towards the increase in the needs of Crypto exchange services. This demand is not confined to a few regions but many regions and this is the reason why Binance is seeking to expand their regional coverage.
The Expansion Is A Part Of A Broader Strategy
Binance has been expanding in 2018. For instance, in the course of a few past months, Binance unveiled new offices in Malta, Uganda, Liechtenstein, and other countries. CEO Zhao says that the new plan to set up the five to ten continental offices is a progression of the wider plan that has been ongoing for quite some time.
Further, Binance is changing tact, it used to offer Crypto-Crypto exchange services and is now delving into Crypto-fiat. CEO Zhao alludes that Binance is on a mission to “bring fiat money into cryptos”.
The Binance Exchanges Will Be One Of A Kind
To deliver excellence and perfection, Binance is planning to liaise with banks to ensure that the new centers can offer online crypto exchange services. This is due to the fact that online Crypto trading is complex and requires a multidimensional network. Meanwhile, the model of opening continental centers is being tested at various levels using the invitation-only beta testing approach.
Binance Is Defying The Crypto Market
Despite the Crypto market volatility, Binance has been posting profits. In the first quarter of 2018, the company posted a profit of $200 million. This however declined in the second quarter of 2018 to $150 million due to the depressed Cryptocurrency prices especially of Bitcoin, Ethereum and Ripple that form the bulk of digital assets trade.