Binance, a leading global cryptocurrency exchange, has now officially launched Binance Singapore, a fiat-to-cryptocurrency platform designed to help Singaporean citizens purchase and sell cryptocurrencies with the Singaporean Dollar (SGD).
The Singaporean platform is Binance’s third fiat-to-crypto venture, as it follows Binance Uganda and Binance Jersey. Binance is also in the process of launching its joint cryptocurrency venture in Lichtenstein.
Binance Singapore appears to be more focused on increasing market share, working effectively with their local partners, and ensuring security and compliance to the Singaporean market before offering more digital tokens on the platform.
Singapore: Here we come
While Binance Singapore’s soft-launch in April only offered one-trading pair, the platform now allows local users to purchase BTC, ETH and BNB as well, with more to come.
Like the classic Binance platform, Binance Singapore also provides paralleled security and convenience features. These include real-time, 24/7 SGD deposit and withdrawal functionality using the Singapore FAST (Fast and Secure Transfers) electronic funds transfer system.
Binance Singapore’s decision to offer a differentiated product and focus on ensuring continued security and compliance is a positive step forward for the Singaporean and global cryptocurrency community.
With Singapore’s progressive regulatory environment and status as Southeast Asia’s financial center, Binance is in a prime position to boost its market share and influence across the Asia-Pacific Region.
User Growth Surges since April 2019
Since the soft launch, Binance Singapore’s user growth has grown about 20 percent per week.
These growth numbers represent the achievement of great product-to-market fit from the Binance team and the Singaporean people.
A large factor contributing to their user growth surges is Binance’s ability to charge the lowest trading, deposit, and withdrawal fees in the local market thanks to a partnership with Xfers, a Singaporean cryptocurrency startup that is supporting Binance Singapore with the large volumes of transactions from local citizens.
Binance to Help Grow the Singaporean Blockchain Ecosystem
CZ (Changpeng Zhao), the CEO of Binance, appears confident with their existing strategy and investment partners.
“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategy investment partner,” said CZ. “Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions.”
While Binance Singapore is only just publicly launching their fiat-to-crypto platform today, it looks like CZ has a lot more installed for Singapore’s broader blockchain ecosystem.
Editor’s Note: This is a guest submission and was not authored by BeInCrypto. We have chosen to publish it because we believe it may be of interest to our readers.