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- Binance is all set to penetrate the South Korean market with the launch of Binance KR, the first global use case for the Binance Cloud solution revealed last month.
- This is a BEP-2 stablecoin backed by South Korean Won (KRW). It has recently enlisted on Binance.com.
- Previously, Binance announced that it is in partnership with BxB to work together for introducing a mass-market of crypto services to South Korea.
Binance is all set to penetrate the South Korean market with the launch of Binance KR, the first global use case for the Binance Cloud solution revealed last month.
The Binance KR is a crypto-to-crypto exchange for the investors in Korea that leverages the principal functionalities of Binance this includes the spot trading liquidity of the market, enhanced state-of-art security, custody and risk controls.
Binance KR to provide a trading platform for BTC, ETH, BNB, and BKRW
Binance KR on its launch is sponsoring Binance KRW (BKRW). This is a BEP-2 stablecoin backed by South Korean Won (KRW). It has recently enlisted on Binance.com. The Binance KR will provide a trading platform for BTC, ETH, BNB, and BKRW, and will soon start trading for USDT and BUSD.
The Korean users will be able to convert South Korean Won into BKRW stablecoins that can be further used for trading. The Binance KR’s launch was followed by the news of Binance Ltd.’s acquisition of BxB Inc. which is a fintech company behind KRWb.
Previously, Binance announced that it is in partnership with BxB to work together for introducing a mass-market of crypto services to South Korea.
During this announcement, the Binance CEO Changpeng Zhao (CZ) stated that it is an honor for the exchange to offer a digital asset platform in Korea to provide core trading, security and transaction speed of Binance.com to Binance KR. The decision of listing BKRW trading pairs will make the company to seamlessly connect crypto to South Korean won to expand the business in the domestic market of Korea.
A leading digital asset exchange to the Korean market
Binance Ltd. Co-Ceo, Jiho Kang addressed that this trading platform will offer cross-border liquidity and robust technology of Binance.com and BKRW stablecoin. The exchange is going to offer a full-fledged top class digital asset exchange to the Korean market through Binance Cloud and BKRW.
Binance will introduce a variety of products to help Korean users to experience the exchange function at ease. The Binance KR registration and deposits start from April 2, 2020, 1 AM UTC (10 AM KST) and is open for trading from April 4, 2020, 1 AM UTC (10 AM KST).
