April 2, 2020 – Binance adds a new local exchange in its portfolio as it sets to launch Binance KR in South Korea.
In a statement, Binance said its local South Korean exchange will be the first global use case of its Binance Cloud Solution. Binance KR will leverage the core functionalities of Binance, like its spot trading liquidity, matching engine, security, custody, and risk controls. Binance CEO Changpeng “CZ” Zhao earlier said such a solution will allow their local partners to focus on users and local fiat access.
Binance KRW (BKRW), a stablecoin backed by the Korean Won and also recently listed on Binance.com will also be listed on Binance KR on launch day. Furthermore, Binance KR will be supporting BTC, ETH, BNB, and BKRW. USDT and BUSD will soon follow. Users will be able to easily convert Korean Won to BKRW.
BKRW is a stablecoin by the fintech company BxB, which Binance Ltd. recently acquired. Binance Ltd is the entity that will offer Binance KR.
This is the launch timeline of Binance KR:
- April 2, 2020, 1 AM UTC (10 AM KST): Open for registration and deposits
- April 6, 2020, 1 AM UTC (10 AM KST): Open for trading
- April 9, 2020, 1 AM UTC (10 AM KST): Open for withdrawals
Binance is recently in the news for its plans to acquire Coinmarketcap, the leading price and information aggregator in the crypto industry. The deal is reportedly set for $400 million, making it one of the largest acquisitions to date in the industry.
This article is published on BitPinas: Binance to Launch in South Korea
BitPinas is an independent blockchain and cryptocurrency news site covering the crypto and blockchain news in the Philippines. We aim to be the website where you can find all information on blockchain and crypto in the Philippines.
We are read by investors and enthusiasts alike, including crypto/blockchain company founders and government personnel. Contact firstname.lastname@example.org for more information, consulting advice, and partnerships. Follow us on Facebook and Twitter.
Contact and Subscribe to BitPinas:
- Subscribe to our newsletter delivered every Monday, Friday, or when there’s breaking news you need to read on your email.
- Join BitPinas on Telegram
- Follow on Facebook and Twitter for the latest news and updates
- Disclaimer: All articles on BitPinas must be treated as not an investment advice. Readers are encouraged to do their own research. This website is not responsible for any loss incurred by the reader, nor will it take credit for their gains.
- For news tips, partnership discussions, or press release submissions, please send to email@example.com