Crypto leviathan Binance has unveiled plans to enable fiat-crypto trading through a Malta-based exchange.
According to a company representative, the world’s second largest cryptocurrency exchange will seek to expand its business still further, in the hopes of increasing its appeal to customers and growing its daily trading volume, which currently stands at an estimated $1.5 billion.
Although Bloomberg erroneously reported that Binance would soon be allowing its customers to convert their digital tokens into fiat currencies, the company clarified their stance, stating stating:
“Binance.com is a pure crypto-to-crypto exchange.”
They explained that crypto-fiat trading would be made available, but through a separate local exchange opened in Malta. It is believed that Binance Malta will likely begin its fiat trading using a euro-bitcoin pairing.
Binance first announced plans to base an office in Malta in March, following the receipt of a cautionary letter from Japanese financial authorities regarding its unregistered status.
Zhao last week revealed that the venture had already opened a bank account in the country, paving the way for the introduction of fiat-crypto pairs. The Binance CEO also alluded to the company’s desire to extend this offering to customers in Asia and Uganda too.
In addition to this, the company plans to extend its reach into Jersey, where it will found an exchange employing around 100 office staff.
In line with these ambitious plans, Binance announced its establishment of a $1 billion cryptocurrency-based fund at the beginning of the month, and is currently seeking partners to collaborate with on this project.
Featured image from Max Pixel