Global crypto exchange firm Binance, on Tuesday, announced that it is set to launch Binance KR in South Korea. The firm revealed through a press release stressing that the crypto-to-crypto Binance KR would mark the first use of Binance Cloud solution in the world.
The newly launched Binance KR will offer clients on South Korea similar services to what Binance offers clients globally as Binance Cloud allows its user to create their exchange for their market. Owing to these, users get an all-round package with advanced security and custody solutions.
With the launch of Binance KR, it would provide additional support also Binance KRW (BKRW), a stablecoin backed by South Korean Won, which recently got listed on Binance.
Binance KR debut with four crypto coin
Reportedly, the new exchange will provide support for trading in four different coins for a start, which are Bitcoin (BTC), Ethererum (ETH), Binance Coin (BNB), and Binance KRW (BKRW). The platform will soon add Tether USDT and Binance USD (BUSD) its dollar stablecoin. Also, Koreans with Binance KR will be enabled to change the country’s currency easily, to BKRW stablecoin that can be used to trade.
Alongside launching Binance KR, Binance has also acquired BxB incorporation, the firm behind KRWb, which was the first-ever crypto coin of Korean won. Before now, Binance revealed a partnership with BxB to join hands in providing crypto services to the people of South Korea.
Per Changpeng Zhao, Binance CEO, the firm is pleased to being crypto services and provide a platform for that to Koreans. He noted further that with the support for BKRW, it would enable a secure connection with Korean won and enable easy adoption by Koreans and expansion.
Binance Ltd. co-chief executive officers (Co-CEO) Jiho Kang said that the firm’s trading platform would enable cross border liquidity and robust technology of Binance and BKRW. Khang said that at Binance, they are dedicated to activating a compliant world-class digital asset exchange to Korea through their Binance Cloud and BKRW.
Soon, the firm is said to unveil new products to assist Koreans to find it easy to enjoy their services.
Binance KR omit XRP from supported coins
Debuting with just four coins, the exchange had refused to add XRP, which is arguably the third biggest crypto coin to the list of coins it supports.
However, the coin is expected to be supported soon by the exchange, considering how hard Ripple is tapping into the South Korean market. It is safe to say that someday, the coin will also get listed in the exchange.