Binance has announced the launch of a crypto-to-crypto exchange in South Korea. The new venue will be open for trading on Apr. 4.
Binance Cloud gets its first test drive
Binance KR will be the first trading platform to be created with the help of Binance Cloud The local trading platform will offer its South Korean customers all the core functionalities of the main exchange.
Binance finally unveiled the above-mentioned service in mid-February. Binance Cloud lets users create their own exchanges in their local markets by relying on the robust infrastructure of the crypto behemoth. Thus, they get an all-in-one package with a powerful matching engine and advanced security and custody solutions.
Binance KR to list four coins (with more to come)
As for supported coins, Binance will debut with four cryptocurrencies -- Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Binance KRW (BKRW), a stablecoin pegged to the South Korean won. Binance KR also plans to add Tether's USDT and its own dollar-backed stablecoin Binance USD (BUSD).
Notably, XRP, the third biggest cryptocurrency by market cap, is absent from the list. However, given how aggressively Ripple is tapping into the South Korean market, one might assume that it's only a matter of time until it gets listed as well.