Binance confirms launch of fiat-to-crypto exchange in Singapore this month

Binance, the world’s largest cryptocurrency exchange, is launching a new fiat-to-crypto exchange by the end of April. Binance’s CEO, Changpeng Zhao, popularly known as CZ, announced this at the Deconomy Forum in Seoul, South Korea. Binance tweeted,

“#Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD [Singapore dollar].”

However, the exchange did not provide any additional information, like which cryptocurrencies will receive trading support. CZ first announced this new trading platform in September, at Coindesk’s Consensus event in Singapore. At the same event, CZ had also shared Binance’s plans to launch fiat-to-crypto exchanges on almost every continent.

An October 2018 Medium post had suggested that Binance was setting it up using investment from Vertex Ventures. It also noted that beta testing for the platform was in progress.

CZ also provided the latest update on the decentralized exchange that Binance is working on. Zhao said that the Binance DEX, which entered public testing on 20 February, expected its mainnet launch this month. Binance DEX is built on Binance’s native public blockchain, Binance Chain. A video released in December informed users that Binance DEX will have a similar interface to its existing centralized exchange, with added features.

Binance also announced that its official cryptocurrency wallet, Trust Wallet, will include a staking feature by the end of the second quarter. The staking feature or staking, is the practice of supporting a proof-of-stake blockchain by holding its cryptocurrency to get rewards.

Trust wallet recently added support for XRP and opened the option to buy cryptocurrencies with debit and credit cards in partnership with Simplex, the Israel-based payments processor.