Litecoin has recently become the latest coin to be added to Binance’s new fiat-to-crypto exchange in Singapore with LTC/SGD being the only available trading pair.
The addition had no effect on the price of the asset due to low trading volumes.
Another fiat-to-crypto exchange
The new crypto exchange, which allows buying and selling digital assets with Singapore dollars, went live on July 10.
Opening a regional branch of the number one exchange by trading volumes was necessary to comply with local regulations, which turned buying crypto abroad into a great ordeal.
This is already the third fiat-to-crypto exchange that was rolled out by Binance after similar trading platforms were launched in Jersey and Uganda.
As reported by U.Today, CZ revealed that he plans to set up ten fiat exchanges on every single continent (well, except Antarctica).
The bigger picture
The price of Litecoin remains in the doldrums during the announcement. It dropped below the $80 mark right on the verge of reward halving that is slated for early August.
The broader crypto market continues to register double-digit drops after the Bitcoin price dropped below $10,000.
However, it’s all about a long-term game since Binance Singapore will serve as a springboard for the company’s expansion in Southeast Asia.