Binance Co-Founder and CEO Changpeng Zhao (CZ) has announced on Twitter that the global crypto exchange giant will soon begin private beta testing a crypto-fiat exchange in Singapore, September 15.
The testing will be initiated on September 18, the CEO disclosed:
— CZ Binance (@cz_binance) September 15, 2018
Prior to his tweet, CZ first revealed the plans to launch the fiat exchange in his speech recently at a blockchain event led by Cumberland, a crypto assets-specializing firm, Finance Magnates reported. Since the exchange will open in beta, CZ clarified that it will be an invite-only users within a closed testing environment.
According to Finance Magnates, the crypto-fiat exchange in Singapore will reportedly support the local Singapore dollar – no other details have been specified yet.
In mid-July, Singapore ranked second in the World Bank’s ‘ease of doing business’ ranking, outperforming Denmark in third while following after New Zealand in first place. As one of the “Four Asian Tigers,” the city-state has also exhibited dramatic economic growth which has attracted multinational businesses. It has also came in as the third most favorable country for Initial Coin Offerings (ICOs) in terms of the number of top global ICO projects.
Before going to Singapore, Binance has already secured a deal with Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, last September 11. Both parties have signed a memorandum of agreement (MOU) to launch a security token exchange platform.
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