In an effort to maintain their upward momentum, Binance announced that they will be releasing EUR trading pairs in the near future.
Bloomberg first reported that the exchange will be allowing euro trading later this year in a phone interview with Binance CEO Zhao Changpeng. The move comes amidst slowing trading volume that has resulted from 2018’s market decline, where Binance saw their profits drop by about $50 million from Q4 to Q1. Nevertheless, Binance has seen tremendous success and popularity over the past year and is currently in the process of moving its operations from Hong Kong to Malta in an effort to be in a more crypto friendly environment.
In addition to opening a large office in Malta, Changpeng also said that Binance is close to receiving licensure to open an office in Jersey, an island off the coast of France, and that Binance has opened discussions with regulators and banking executives in Taiwan.
In addition to expanding into more global locations, Binance will also start expanding their trading pairs into fiat currencies, starting with the euro. Adding the euro will likely give Binance a bump in both profits and daily trading volume, which will allow their upward momentum to continue.
The addition of fiat trading pairs to exchanges like Binance will allow investors to buy altcoins with ease. Currently, investors looking to buy smaller market cap cryptocurrencies must buy Bitcoin, or another major crypto, from a fiat exchange like Coinbase and then send it to another exchange with altcoin offerings. This process acts as a road block to many new investors who may not be technologically savvy, and fear making mistakes in the process of sending cryptos from one exchange to another.
US based exchange Bittrex also recently announced their USD trading pairs for select customers, following the trend that will likely damage trading activity for exchanges like Coinbase.
Binance is further solidifying its place in the cryptocurrency community by launching its venture capital fund, which will be investing $1 billion in blockchain startups and ICO tokens over the next few years.