Leading cryptocurrency exchange Binance announces that it working on fiat-to-crypto features that may have a great impact on the market’s reliance on Bitcoin.
While Binance is moving its headquarters to Malta, the company is negotiating with banks in the small island and is expecting to close a major deal that will allow it to accept fiat deposits and withdrawals.
By now, it is not clear if the new features will be implemented on Binance.com or if they will be revealed on an entirely new platform. Chief Executive Officer Zhao Changpeng stated to Bloomberg that the company is about to develop a “fiat-to-crypto exchange,” keeping as a secret the details.
According to Zhao, the company plans to close the deal shortly.
“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and FinTech.”
It is a fact that the community reliance to Bitcoin is long-lasting, as it is the main gateway to penetrate the market and just about every coin in existence is eager to gain its own USD trading pair.
The creation of a decentralized exchange that could be released this year was announced in a separate announcement by Binance.
Binance is moving from Hong Kong to Malta in response to China’s crackdown on crypto exchanges late last year. This enables the company to make freer and innovative moves in the market.