Binance Aids in Developing Crypto-fiat Landscape
The Binance cryptocurrency exchange has announced the launch of its new research arm that will be focused on institutional-grade reporting. The asim is to help improve quality of available information and boost transparency in the cryptocurrency markets. Already two reports have been produced on blockchain topics. The published reports focus on distributed applications, smart contracts, and the Ethereum network’s scaling solutions.
— Binance Research (@BinanceResearch) November 9, 2018
The announcement represents an important step forward for Binance – one of the world’s top cryptocurrency exchanges. However, this is not the first initiative that deviates from its original business model. The exchange announced in November that all its listing fees would be donated to charity. It also revealed that developers will be allowed to stipulate payment amounts without minimum fee demands.
Binance launched the donation platform named the Blockchain Charity Foundation so that it can be used to donate funds. The donation platform has already been used to raise funds for Eastern Uganda’s landslide and flood victims. It is also working towards reducing the listing fee anomalies for new crypto tokens.
Binance also has a venture division called Binance Labs which spent millions developing the Contentos digital content ecosystem. The investment will be used to create a decentralized ecosystem that will monetize content and offer transparency without third-party censorship.
Binance has come a long way ever since it was launched in 2014 in China. It is currently the largest cryptocurrency exchange in the world in terms of daily trading volume which was $759 million according to Coinmarketcap. The exchange has been expanding its services in more regions and recently revealed the launch of a new Ugandan exchange. The new exchange will allow Ugandans to purchase Ethereum (BTC) and Bitcoin (BTC) through their local fiat currency – the Ugandan Shilling.
Binance Continues to expand its operations in more countries
The Binance cryptocurrency exchange also announced that it was private beta testing its crypto-to-fiat exchange in Singapore in about two months ago. The new exchange will reportedly support Singapore’s local currency, the Singapore dollar. Binance also made some headway in Malta where it signed a memorandum of understanding in October with MSX PLC, Malta Stock Exchange’s cryptocurrency and fintech division. The MOU between the two firms will facilitate the launch of a new trading platform.
Binance also teamed up with Liechtenstein Cryptoassets Exchange (LCX) in August this year to form a joint venture called Binance LCX, which launched Lichtenstein’s first fiat-to-crypto exchange. The new Binance Research division is, therefore, the company’s latest endeavor as part of its plan to expand its influence globally.