Binance to Open Exchange Supporting BKRW Stablecoin in Korea

Binance to Open Exchange Supporting BKRW Stablecoin in Korea

The Malta-based exchange Binance has announced that it will launch soon a new platform named ‘Binance KR’ in the Korean market.

According to a blog post published on 31 March, the new exchange will be launched on Binance Cloud. It will provide “the market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls.”

In addition, Binance KR will support Binance KRW (BKRW), which is a South Korean Won (KRW)-backed stablecoin.

Customers can trade in Bitcoin, Ethereum, and Binance Coin. The new exchange will allow Korean traders to convert their fiat currencies into BKRW.

Deposits with KRW

The launch of the new exchange came after Binance announced purchasing BxB; the fintech firm behind the KRW-backed stablecoin KRWb.

Jiho Kang, Co-founder of Binance, said:

“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.”

The new exchange KR will open for registration on 2 April, while trading will start as of 4 April.

Zhao urges buying cryptocurrencies amid economic crisis

Binance CEO Changpeng Zhao has urged his followers to purchase cryptocurrencies with their credit cards since there’s an “infinite amount of money around the corner” in the midst of a global economic crisis.

He said that his most recent comment was not financial advice, but it was clearly so. He urged his followers to put some cryptocurrencies on their credit cards with an “infinite amount of money around the corner.”

Zhao also retweeted a recent announcement about Binance offering Visa cryptocurrency purchases with different fiat currencies.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.