The founder and the CEO of Binance, Changpeng Zhao or CZ, said that the primary goal behind the project is to offer crypto enthusiasts more access to digital assets. Notably, they can build and launch crypto exchanges on the new platform. He assured that the new channels would entail the same technology, liquidity, and security as the leading Binance platform.
News about the cutting edge solution first broke out on February 8. However, the official services have been rolled out just yesterday. As confirmed in a blog post, Binance Cloud would also allow users to enjoy multilingual functionality, manage their funds, accept coin listings and support a plethora of trading pairs.
Interested users would be able to set up their respective exchanges in just a matter of days, five at the most. Binance Cloud has the list of methods ready so that users would have no trouble taking advantage of the new service. Once the setup is available, users would be able to access the cryptocurrency spot market. They can also engage in futures tradings, integrate local banks’ APIs and roll out peer-to-peer (p2p) exchange services. Also emphasized in the blog post is Binance’ s plans of adding more services such as over the counter (OTC) trading, staking, and token issuance.
CZ noted that Binance Cloud is created explicitly for places regions that are not yet under the mother company’s reach. Notably, the fiscal and cultural boundaries would not be a hindrance anymore as crypto users in local markets would now have the chance to set up and manage their respective exchanges.
However, CZ clarified that users would only be allowed to launch their crypto exchanges if the requirements and procedures had been observed. As confirmed, the first-ever crypto exchange created on Binance Cloud would hit the market in the first week of March.
It’s worth noting that CZ is not the main brain behind the concept of Binance Cloud. However, the CEO emphasized that it doesn’t matter who’s behind the project –what matters is the services it can bring to crypto users. He also touted that the offering is the first of its kind. Notably, it reflects Binance’s mission of spreading quality experience in the global crypto community.