The Binance Cloud: An African Solution to the African Crypto Exchanges Problem?

0
407
JOIN US ON TELEGRAM

[PRESS RELEASE]

Binance, the company behind the leading global cryptocurrency exchange and blockchain ecosystem, has announced the launch of Binance Cloud, an infrastructure solution for customers and partners to launch digital asset exchanges leveraging Binance’s industry-leading technology, security and liquidity.

In a press release shared by Binance with BitcoinKE, the Binance Cloud will mirror core functionalities of the Binance global exchange but on local markets with brand customization and features control.

The service is already live and interested parties can apparently launch exchanges using the service within just 5 days. In the near future, this will be down to just 3 days.

Key Summary

  • Binance Cloud is an all-in-one solution for partners to launch digital asset exchanges quickly.
  • Leveraging Binance’s technology, security and liquidity, Binance Cloud provides the exchange infrastructure, while enabling partners to focus on business development and operations.
  • A service offered under the Open Platform initiative, Binance Cloud aims to accelerate the adoption of crypto. Binance is committed to promoting global cryptocurrency development and providing more access to crypto around the world.

SEE ALSOA New 2019 BitFury Study Shows Africa Has the Least Number of Registered Exchanges Globally

The Binance Cloud offers solutions that are currently limiting most African exchanges in their local markets. Some of these include:

  • Spot market and Futures trading
  • Local bank API integrations
  • Peer-to-peer (P2P) fiat-to-cryptocurrency exchange services
  • Market depth
  • Liquidity
  • Staking and OTC (over-the-counter) trading services (coming soon)
  • Token launch capabilities via an IEO (initial exchange offering) platform (coming soon)
Sign Up to Attend a Live Class this week

Speaking of this new initiative, ChangPeng Zhao, CEO, Binance, said:

“As a part of Binance’s Open Platform initiative to enable more crypto access globally, Binance Cloud supports its customers and global partners with a complete turn-key exchange platform solution, consolidating the new financial infrastructure to an open platform based on blockchain technology.

With these initiatives focused on opening access to Binance’s technology and resources as an infrastructure provider, we aim to limit the technical challenges for platforms and partners, allowing them to focus on their users and local fiat access and accelerate the global adoption of crypto.”

Currently, Africa is the only continent on the globe that has the least number of exchanges.

recent study conducted by Crystal, Bitfury’s blockchain analytics platform, shows the UK, U.S., and Singapore are leading in the largest number of registered digital currency exchanges. Africa, on the other hand, has just a few exchanges registered and concentrated in a few countries.

While the Binance Cloud is obviously a product suite previously missing in the market, it will be interesting to see if this new product can be leveraged across the African continent and help grow more exchanges across different jurisdictions on the continent.

 

Follow us on Twitter for latest posts and updates

 

Open a Paxful Bitcoin Trading Account today!

LEAVE A REPLY

Please enter your comment!
Please enter your name here