One of the world’s largest crypto exchanges by trading volume wants to set up fiat-to-crypto trading platforms on almost every continent.
Binance founder and CEO Zhao Changpeng closed out the first day of CoinDesk’s Consensus Singapore event with a fireside chat, where he discussed a range of topics, including how he grew Binance from a startup with a $15 million initial coin offering to one of the world’s largest crypto exchanges and his future vision for the platform.
During the conversation with CoinDesk’s Pete Rizzo, Zhao indicated that by this time next year, he wants the company to launch five to 10 fiat-to-crypto exchanges, with ideally two per continent.
These plans falls in line with Binance’s current efforts to roll out an exchange in Singapore that supports local fiat-to-crypto trading services.
Having conducted closed testing on Tuesday, CZ said he hopes the platform could be up and running within months, though he added that working with banks and regulators is much harder than just with cryptocurrencies.
Noting that this move appears to be a reversal to what Binance has been known for, which is its crypto-to-crypto trading, Zhao admitted that the crypto market capitalization is still significantly lower than traditional financial instruments.
“Fiat is still where all the money is in. … And we’ve got to open that gate,” he said.
Zhao added that in order to so, Binance plans to continue working with relatively smaller countries, citing recent partnerships with nations like Malta. The main reason, he explained, is that these countries tend to respond in a much more efficient way.
“You can access to the top-level government officials and they respond to your questions more directly and efficiently. … And they do appreciate the investment you are bringing into the local economy,” he said.