Binance have revealed a new Korean cryptocurrency exchange built upon their recently announced cloud solution platform. The exchange, known as Binance KR, will operate on a crypto-to-crypto basis for Korean nationals and opens for registration on April 2.
Initially, trading will be in Bitcoin (BTC), Ethereum (ETH), Binance coin (BNB) and the Binance KRW (BKRW) stablecoin which is purportedly backed by South Korean Won (KRW). Functioning as a BEP-2 token native to the Binance blockchain, BKRW is already listed on the main Binance exchange.
It is expected that Tether (USDT) and Binance USD (BUSD) will be added shortly to the trading pairs.
Freedom of Money
The Binance KR exchange is quoted by the company as being “…the first global use case of our Binance Cloud solution….” that was intended to allow interested partners to launch a digital asset exchange using the established infrastructure and liquidity pools of the parent company.
Binance Ltd’s Co-CEO, Jiho Kang believes harnessing Binance Cloud with the BKRW will benefit the Korean market because the “…trading platform will provide cross-border liquidity and robust technology…” and ultimately will “…work towards our mutual mission of increasing the freedom of money….”
At the beginning of the year, Binance formed a partnership with BxB Inc., a fintech company who created the first KRW-backed stablecoin (KRWb), and this later turned into a full acquisition which has helped to shape recent developments.
Binance CEO, Changpeng Zhao (CZ), said “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.”
South Korea’s governmental structures have recently shown signs of opening to cryptocurrency and one of the country’s largest banks, KB Kookmin, has been widely reported this week as having filed a trademark application for a crypto custody platform.
