Binance has just launched a new fiat-to-crypto exchange that will allow users to buy Bitcoin (BTC) and Ethereum (ETH) with EUR and GBP. The exchange, which was opened on Jersey, a self-governing “Channel Island” close to France, is a move by Binance to increase its business in Europe and the UK.
According to Binance, the new exchange will operate as its own entity, even though it will fall under the Binance company umbrella.
Binance is currently the world’s largest crypto exchange by adjusted volume. In the past two years, the company has grown significantly, despite the ongoing bear market, to become one of the top players in the cryptocurrency space.
Even as the total market cap for cryptocurrencies slumped throughout 2018, Binance was able to maintain its position as a secure and reliable cryptocurrency exchange.
Binance’s success has been evident since its inception. Founded in early 2017 by Changpeng Zhao, the company held an ICO in July of that year and raised $15 million for its BNB tokens, which provide discounts on trading fees to its holders. Using this investment to grow the company, Binance managed to become a top three exchange within 143 days of its launch. Its userbase grew from two million to over 10 million in the first six months of 2018.
The company has been reportedly working with Digital Jersey, a government-backed economic development agency, to develop the new fiat exchange. Binance partnered with the agency in June 2018. It plans to create up to 40 jobs on the island.
“With its local economy based on a major currency (GBP), and its close proximity to the U.K. and western Europe,” Zhao has said he is “confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”
If this expansion proves to be anything like the growth Binance experienced in 2018, the new exchange will further cement the company’s place a top cryptocurrency exchange.