On Tuesday (March 31), Binance announced that Binance KR, a new crypto exchange for its South Korean users, is being launched soon.
Binance KR is powered by Binance Cloud, "an infrastructure solution for customers and partners to launch digital asset exchanges leveraging Binance’s industry-leading technology, security and liquidity", which was launched on February 17.
As Binance explained at the time, Binance Cloud "provides partners and customers with a means to efficiently set up a digital asset trading platform in their local markets, with features that include spot market and futures trading, as well as local bank API integrations and peer-to-peer (P2P) fiat-to-cryptocurrency exchange services."
Binance Co-Founder and CEO Changpeng Zhao (aka "CZ") stated back then:
"As a part of Binance’s Open Platform initiative to enable more crypto access globally, Binance Cloud supports its customers and global partners with a complete turn-key exchange platform solution, consolidating the new financial infrastructure to an open platform based on blockchain technology.
"With these initiatives focused on opening access to Binance’s technology and resources as an infrastructure provider, we aim to limit the technical challenges for platforms and partners, allowing them to focus on their users and local fiat access and accelerate the global adoption of crypto."
The Binance Cloud service is "an all-in-one solution, featuring an easy-to-use dashboard that allows customers to manage funds, trading pairs and coin listings, as well as multilingual support, depth-sharing with the Binance.com global exchange, and more opportunities to collaborate with the ecosystem."
Binance also promised to deliver additional features for its partners in the near future, such as "staking and OTC (over-the-counter) trading services, as well as token launch capabilities via an IEO (initial exchange offering) platform."
Binance KR, which is the first crypto trading platform fully powered by Binance Cloud, will enable user registrations and deposits at 01:00 UTC (or 10:00 KST) on April 2. Trading will start at 01:00 UTC (or 10:00 KST) on April 4. And withdrawals will be open at 01:00 UTC (or 10:00 KST) on April 9.
In the first phase of the launch, residents of South Korea will be able to open a new account that will allow trading in BTC, ETH, BNB, BKRW (as well as USDT and BUSD in the near future). Also, it will be possible to convert between South Korean Won (KRW) and stablecoin BRKRW.
Binance first issued Binance KRW (BKRW) -- a "BEP-2 stablecoin pegged to KRW" -- in partnership with BxB, Inc. of South Korea on March 5.
The company that will be operating the Binance KR crypto exchange is Binance Ltd, which has acquired BxB Inc. (the FinTech firm behind BKRW).
Binance.com will be supporting BTC/BKRW, ETH/BKRW, and BNB/BKRW trading pairs starting at 01:00 UTC on April 6 (with BKRW deposits being enabled on April 2). It will be possible for users to trade BKRW on both Binance.com and Binance KR.
With regard to the upcoming launch of Binance KR, CZ stated:
"We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR.
"Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean won in order to expand our local services."
As for Jiho Kang, the Co-CEO of Binance Ltd., he said:
“Binance Ltd.’s trading platform will provide cross-border liquidity and robust technology of Binance.com as well as the new BKRW stablecoin, which is backed by the South Korean won.
"We are committed to bringing a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW.
"We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together.”
Featured Image Courtesy of Binance