Binance, one of the world's largest digital currency platforms in terms of volume, will soon offer customers a digital currency conversion service to paper currencies such as the euro, according to Chief Executive Officer Zhao Chanping.
Zhao said by telephone on Monday that the site will allow the euro currency to trade later this year in its operations in Malta. He plans to add other currencies in the future without going into any details. The Binance platform previously reported in March that it would establish a base in Malta.
Many places that accept the most common digital currencies offer only a digital currency trading service, which makes them subject to less regulatory scrutiny, but limits the ability of customers to spend money and payments. The introduction of the currency trading service will be the first of its kind for Binance platform, as the platform looks forward to building on its rapid growth.
The platform, which was founded in July, generated a profit of $ 150 million in the first quarter of this year, with an average daily turnover of $ 1.4 billion to $ 1.5 billion, Zhao said. The company now has 9 million users, compared with the beginning of the year, where their number was more than 2 million.
The Binance platform is expanding, despite the fact that the price of Betcairn has fallen more than 50% this year. The rest of the digital currency also lost about $ 42 billion of market value over the weekend after a breakout at a South Korean platform.
Zhao said the platform will soon receive a license to trade by Jersey in the Channel Islands and plans to open an office with a staff of up to 100 employees. He said the company was also in talks with authorities and banks in Taiwan.