Binance has announced the launch of a new exchange, Binance KR, specifically aimed at users in South Korea.
After launching Binance US for US users months ago, the exchange now offers a version adapted for the Korean market.
In fact, South Korea is not only a very interesting market for cryptocurrencies, but it also has its own specific regulations that require exchanges to be registered and authorized, to comply with specific rules.
The country, which has less than 50 million inhabitants, already has several authorized cryptocurrency exchanges in operation, with the result that the BTC / KRW trading pair (i.e. the Korean Won) on the Bitsonic exchange is higher in volume than the BTC / USD trading pair on Coinbase Pro, for example.
Additionally, there are two exchanges that have daily volumes that exceed $ 100 million with the BTC / KRW pair, while, for example, there is no exchange that exceeds $ 100 million per day of trading volume in the BTC / EUR pair.
Binance KR launch will take place on April 2, which is when registrations will begin and deposits will be enabled.
The new exchange for the Korean market will also integrate a stable currency anchored to the value of the Korean Won (KRW)call BKRW , and based on a BEP-2 token on the Binance Chain.
To launch this stable coin, Binance Ltd. acquired BxB Inc., A financial technology company that created the world's first stablecoin pegged to the Korean Won, KRWb.
During the first phase, users will be able to exchange BTC, ETH, BNB and BKRW, while USDT and BUSD will be added later.
Users will be able to convert South Korean Won to BKRW tokens for trading.
Trading will start on April 6 with BTC / BKRW, ETH / BKRW, BNB / BKRW pairs.
The new exchange has been developed with Binance Cloud, an infrastructure solution that enables the creation of cryptocurrency exchanges using Binance's liquidity pool.
Binance CEO, Changpeng Zhao, said:
“We are pleased to offer a digital asset platform for users in Korea to bring Binance.com's depth of trade, security and transaction speed to Binance KR. Our decision to list BKRW's trading pairs will allow us to seamlessly connect encryption to the South Korean Won to expand our local services. ”
The co-CEO of Binance Ltd., Jiho Kangadded:
Binance Ltd.'s trading platform will provide cross-border liquidity and robust technology from Binance.com, as well as the new stable currency BKRW, backed by the Korean Won. We are committed to bringing a fully compatible world class digital asset exchange to the Korean market through Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing freedom of money together. ”