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Digital Currency/Stablecoin/Tokenization Series: Binance To Enter South Korea With KRW Stablecoin
Binance.US predominantly targeted for America’s acceptance, access, and use of digital assets, providing an easy and secure way for users to use their USD to buy and sell a diverse selection of digital assets.
Of late, Binance appeared to be cueing at the most likely expansionary business venture into Korean digital marketplace, but nothing was established as looked in for.
But for now, the renowned crypto exchange, ‘Binance’ is gearing up to enter the Korean market. The Maltese exchange, Binance has announced that they are equipped with trading mechanism of the crypto-to-crypto exchange for South Korean traders.
Binance KR would be launched on Binance Cloud and offer the “market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls.
Upon launch, Binance KR is supporting Binance KRW (BKRW), a BEP-2 stablecoin backed by South Korean Won (KRW). BKRW has recently been listed on Binance.com. The users can trade in Bitcoin (BTC), Ethereum (ETH), and the firm’s signature Binance Coin (BNB).
By supporting stablecoins, Binance KR will allow Korean traders to easily convert their country’s fiat currency into BKRW.
In the recent past, stable-coins have become the swiftly growing digital asset class, expanding from USD $2.4 Billion in Oct 2018 to over $4.94 Billion in November 2019.
The service is likely to launch from April 2nd with deposits using KRW and the launch of Binance KR has been scheduled on the back of the crypto exchange announcing the acquisition of KRWb driven ‘BxB’ which is a fintech firm, KRWb happens to be the world’s first KRW-backed stablecoin.