Binance will shortly launch a digital asset trading platform that smaller exchanges can rename for their local markets
Binance exchange Cloud will be offering spot and futures trading to local exchanges, peer-to-peer (P2P) services, and API integrations from banks
Implementing a product like Binance Cloud would relieve potential exchange operators of the software burdens associated with security and scalability. This gives them more time, for example, to think about whether they get the right licenses and registrations in their area of responsibility.
Binance Cloud offers the right engine, security controls and liquidity from Binance.com's main exchange. The back end will be Binance exchange itself While local exchanges may have its own branding and fiat currency system
which has the benefit of increased liquidity, albeit indirectly, and possibly in places where Binance is not currently is working.
The Binance exchange cloud service is a complete solution with an easy-to-use dashboard that enables customers to manage funds, trading pairs, and coin lists, as well as provide multilingual support and in-depth exchanges with Binance.com globally, exchange and more opportunities to collaborate with the ecosystem," said the company.
Binance also plans to add staking and over-the-counter (OTC) trading services and token launch capabilities via an Initial Exchange Offering (IEO) soon.
This could mean that Binance would have to compete with AlphaPoint, one of the largest infrastructure providers in today's cryptocurrency exchange market. AlphaPoint was founded in 2013 and offers software services for some of the largest stock exchanges in the world without addressing specific customers.
Exchanges are not easy to build. There are many elements to consider, e.g. B. Order types and matches as well as other functions. Security and scaling in massive bull runs are also a major problem for the exchange.
Security was a problem for Binance. It was injured in a $ 40.7 million theft in 2019 after hackers accessed Exchange users' API keys and 2FA codes. While no explanation of further technical details was ever published on the hack, the exchange covered the losses through its SAFU insurance fund