Binance enters South Korean market and launches won-based stablecoin
Binance cryptocurrency exchange enters the South Korean market with the upcoming launch of the Binance KR trading platform. The company reports this in its blog..
Binance KR will be the first exchange powered by Binance Cloud. It allows local players to leverage Binance’s infrastructure, open spot and futures markets, connect to banks via APIs, and launch peer-to-peer exchange services with digital and fiat currencies..
Binance KR will offer Korean users cryptocurrency-cryptocurrency exchange services and “core functionality of Binance, including deepest spot market liquidity, more reliable trading engine, security, storage and risk control tools.”.
During the launch phase, Binance KR will support the Binance KRW (BKRW) stablecoin, issued in the BEP2 token format and pegged to the Korean won. BKRW is also listed on Binance.com. South Korean users will be able to exchange fiat currencies for BKRW and then use them for trading. Bitcoin, Ethereum and Binance Coin will also be presented on the exchange, and shortly after the launch – USDT and BUSD.
In today’s announcement, Binance has confirmed the acquisition of Korean crypto startup BxB Inc. In January, it became known that the company “invested” in the BxB stablecoin issuer with an eye to expanding in the local market.
Then the exchange stated: “We are currently discussing specific ways of interacting with BxB. We are making long-term plans to establish leadership in the Korean cryptocurrency market “.
Registration on the Binance KR platform will open on April 2, trading will start on April 4, and starting from April 9, users will be able to withdraw their assets.
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