Cryptocurrency Market Update: Binance KR Debuts in South Korea listing Bitcoin, Ethereum and BNB

Binance, the company behind the largest cryptocurrency exchange by trading volume and user has revealed plans to launched Binance KR, a cryptocurrency exchange platform to serve the Korean users on April 2, 2020. User registration and deposits of funds are expected to kick off on the same day of the launch.

Binance KR first to deploy Binance Cloud

The new trading platform, Binance KR becomes the first to deploy Binance Cloud; “an infrastructure solution for customers and partners to launch their own digital asset exchange, leveraging technology, liquidity pool, and security.” Binance Cloud was started to ensure that platforms have access to the core functionalities of Binance global exchange.

The initial face of Binance KR, will see digital assets such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and BKRW (stablecoin pegged to Korean Won). The second phase will see the addition of Tether (USDT) and BUSD to the list of supported digital currencies. A statement by Binance CEO Changpeng Zhao said:

We are pleased to provide a digital platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to South Korea Won in order to expand our local services.