Binance Expanding Fiat’s with Singapore Exchange
Binance, the largest cryptocurrency exchange worldwide, revealed this week that they’re expanding the fiat-enabled trading services provided to the Singapore Binance Exchange. This press announcement was released on July 10th, 2018.
Binance Singapore is a brand-new subsidiary for the exchange, only being available since April 2019. In the four months since the Singapore Binance Exchange opened, and since then it’s only had one trading pair available. With the enhancement to the service, three new pairings will be released to clients of Singapore. Those include the SIG/BTC, SIG/ETH and SIG/BNB. These pairings now allow consumers to sell and trade cryptocurrencies with their local currency.
The new pairings aren’t the only update that’s coming to Binance Singapore. The new exchange will also be getting enhancements in the payment sector. Deposits and withdraws will now be instantaneous. This is because Binance is now using the Fast & Secure Transfer System implored by Singaporean Banks. Considering that every week, this new exchange is seeing a 20% growth in consumer activity, these updates are long overdue.
Binance Singapore doesn’t plan on stopping here, the FX & Cryptocurrency broker intends to expand their partnership with Venture Capital Limited. Venture owns three subsidiaries in China, Southeast Asia and India. If Binance can partner with Vertex Ventures Limited, then a significant number of new products will become available on BS.
Binance Singapore currently maintains the lowest fees in the country for institutional clients, retail clients and professional clients. These small fees are merited by the new technology used by start-up company Xfers.
The contained fees are reportedly merit of the exchange’s infrastructure and its local payments partner Xfers, a Singapore fintech start-up. This technology is also being implemented into the other renditions of Binance, such as the European and Ugandan versions of the exchange.