Binance KR, the stock exchange of South Korea, arrives in April
Binance announced the launch of a new exchange, Binance KR, specifically addressed to South Korean users.
After the launch, months ago, Binance US for American users, the stock exchange now offers one version adapted to the Korean market.
In fact, not only is South Korea a very attractive market for cryptocurrencies, but it also has its own specific regulations which requires that exchanges be registered and authorized and comply with specific rules.
In the country, which has less than 50 million inhabitants, several authorized exchange cryptocurrencies are already active, so much so that for example the BTC / KRW exchange pair (or the Korean won) on the Bitsonic exchange turns out to have higher volume for example of the BTC / USD exchange pair on Coinbase Pro.
In addition, two exchanges record daily volumes exceeding $ 100 million traded on the BTC / KRW pair, while, for example, no exchange exceeds $ 100 million per day in the volume traded on the BTC / KRW EUR pair. .
Binance KR will launch on April 2, when the registrations start and the repositories are activated.
The new exchange for the Korean market will also include a stablecoin anchored to the value of the Korean won (KRW), call BKRWand based on a BEP-2 token on Binance Chain.
In order to launch this stablecoin, Binance Ltd. acquired BxB Inc., a fintech company that created the world’s first stablecoin anchored in the Korean won, KRWb.
During the first phase, users will be able to trade BTC, ETH, BNB and BKRW, but USDT and BUSD will also be added later.
Users will be allowed to convert the South Korean won to BKRW tokens for trade.
Trading will begin on April 6 with the pairs BTC / BKRW, ETH / BKRW, BNB / BKRW.
The new exchange was created with Binance Cloud, an infrastructure solution that allows you to create crypto-exchanges that exploit the Binance cash pool.
Binance CEO, Changpeng CZ Zhao, said:
“We are delighted to provide a digital asset platform to users in Korea to bring the depth of negotiation, security and transaction speed from Binance.com to Binance KR. Our decision to list trading pairs in BKRW will allow us to seamlessly connect cryptocurrencies to the South Korean won in order to extend our local services. ”
The co-CEO of Binance Ltd., Jiho Kang, added:
“The trading platform of Binance Ltd. will provide cross-border cash and robust technology from Binance.com, as well as the new stablecoin BKRW, which is supported by the Korean Won. We are committed to bringing a world-class digital asset exchange fully compliant with the Korean market through Binance Cloud and BKRW. We are honored to partner with Binance to work on our mutual mission to increase freedom of money together. ”
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