Cryptocurrency exchange Binance is making good on its promises to expand globally – focusing on emerging markets and fiat-to-crypto trading services. Also in The Daily, Huobi founder and CEO Leon Li meets a Putin adviser in Beijing, a leading Brazilian brokerage firm shares plans to launch a crypto exchange, and digital assets management firm Altonomy caters to institutional investors with an over-the-counter (OTC) trading desk and a cryptocurrency index fund.
Also read: Poloniex Drops 8 Coins, New Exchange Licensed in Estonia
Binance Expands Across Continents
Binance, currently the largest crypto exchange by daily trading volume, has recently been voicing its intentions for expansions into new and mostly emerging markets. This week, BInance CEO, Changpeng Zhao (CZ), gave more details on the company’s global expansion plans – revealing that the Chinese-run company wants to launch up to 10 new fiat-to-crypto exchanges across 5 continents. During an event in Singapore, CZ explained that Binance is focusing on this type of platforms to fit better in local economies and promote crypto adoption.
Elaborating further, Zhao asserted that “The next area of growth, in addition to the crypto-exchange, is the move into fiat.” The company is currently looking to acquire projects in the fiat space, he added, declining to provide more details.
Zhao’s remarks followed an earlier report that the exchange starts beta testing of a new fiat-to-cryptocurrency platform in Singapore on September 18. In August, Binance launched a similar service in Liechtenstein through a joint venture with LCX. In July, the company said it’s preparing to enter the South Korean market, as news.Bitcoin.com reported. Earlier the same month, it announced it’s working on a project to launch a “decentralized, community-owned” bank in Malta, also covered by news.Bitcoin.com. In June, Binance launched a fiat-to-crypto exchange in Uganda.
Other reports suggest that Binance has also started hiring staff for roles across Asia and Europe. The destinations mentioned by Bloomberg include Singapore and Malta – with 50 new employees have been sought for the new headquarters on the “Blockchain Island”. The crypto company, which was founded last year, currently employs almost 300 people in 39 countries.
Huobi Founder Meets Putin Adviser
Leon Li, founder and CEO of another prominent crypto exchange with Chinese roots, Huobi, has recently met with renowned Russian economist and adviser to President Vladimir Putin, Sergey Glazyev. At the company’s headquarters in Beijing the two discussed cryptocurrency, the blockchain technology, and Huobi’s possible entry into Russia’s financial markets. Quoted by Prnewswire, Glazyev commented:
The cryptocurrency industry is still booming and expanding, and almost every country on the planet is making an attempt to grow the crypto-space. If Huobi Group can set a good example for the market, it will be of great help to Russia’s national legislation on blockchain cryptocurrencies.
A known supporter of the implementation of digital ledger technologies, Putin’s adviser noted that “Digital assets also enhance the development of blockchain technology. They are inseparably interconnected.” Sergey Glazyev expressed hope that advanced countries will use the crypto-related technology, which in his opinion “will make the money market more sustainable, transparent and less risky.”
Leading Brazilian Broker to Launch Coin Exchange
Grupo XP, a major financial brokerage firm in Brazil, is reportedly entering the crypto space – with the company planning to launch a cryptocurrency exchange in the coming months.
According to a Bloomberg report quoting CEO Guilherme Benchimol’s announcement at an event in Sao Paulo, the new platform will be trading bitcoin core (BTC) and ethereum (ETH). The executive pointed out that 3 million of his compatriots are currently exposed to cryptocurrencies, compared to only around 600,000 that invest in traditional stocks. During the forum, Benchimol admitted:
I must confess, this is a theme I’d rather didn’t exist, but it does. We felt obligated to start advancing in this market.
The exchange, which will be called Xdex, will be headed by Thiago Maffra and have approximately 40 employees. It will be set up as a separate entity from XP’s other brokering business.
Grupo XP is aiming to control 1 trillion reals ($245 billion) by 2020 through its custodial services and is also planning to launch a bank soon. Brazilian regulators have recently released a set of rules allowing crypto investments. Meanwhile, an investigation has been launched into alleged monopolistic practices in crypto trading employed by six of Brazil’s biggest banks.
Digital Assets Management Firm Sets Up OTC Trading Desk
Altonomy, a digital assets management and advisory company, has become the latest player in the industry trying to cater to institutional investors. According to sources quoted by financial and crypto media, the firm has recently launched a sell-side over-the-counter (OTC) cryptocurrency trading desk, and a blockchain-based digital currency index fund. The Altonomy Taurus Index Fund will allow big players to get involved in cryptocurrencies without the need to bet on a single coin, Finance Magnates reports. And with the OTC trading desk, Altonomy asserts that is attempting to simplify crypto investing to make such as easy as trading the S&P 500.
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Images courtesy of Shutterstock, PRnewswire, Altonomy.
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