Binance to Tap Chinese Market with Fiat-Crypto OTC Trading

Crypto exchange Binance is considering to jump in the over-the-counter (OTC) trading field by adding the service to its platform in a month.

First reported by Coindesk, the new service will provide gateways to deposit fiat currencies and will primarily support the Chinese yuan.

With this, the exchange aims to strengthen its hold in the lucrative Chinese crypto trading market where traders are flocking to the OTC desks after a ban on the crypto exchange, He Yi, chief marketing officer at Binance, revealed on Tuesday in the Shanghai Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Week.

In addition to the OTC services, the Malta-registered exchange will also add support to purchase digital assets using fiat currencies on its main platform - Binance.com - for 170 countries.

In September 2017, the Chinese government overnight banned crypto exchange and initial coin offerings (ICOs) in the country, which then was the largest crypto trading market. However, without access to any crypto exchange, the Chinese traders turned towards the fiat-crypto OTC market, which is still operating in the country.

This also boosted the demand for such services in the country, and stablecoins like Tether are often sold at a premium price on them.

Ambition to become the largest crypto company

According to Coinmarketcap.com, Binance is currently the largest cryptocurrency exchange in the world and handled more than $1.5 billion worth of crypto trades in the past 24 hours.

After dominating the crypto-to-crypto spot trading market for so long, the exchange is now expanding its business in every possible area in the crypto industry. It is already set to launch a crypto futures exchange and has released two testnets to get traders' feedback.

In addition, the company is also investing in an array of crypto businesses, the most recent one being a crypto news and data sourcing platform in China. The exchange also jumped into the Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term issuers market recently and rolled out crypto lending services.