By Yesterday saw the arrival Binance’s highly anticipated crypto-to-fiat trading platform in Jersey. The world’s largest crypto exchange by volume now offers British pound and euro trading pairs with Bitcoin.
In less than 24 hours of the launch, Chanpeng Zhao, CEO of Binance claimed that the exchange is already overwhelmed with the sheer number of registrations:
“Binance.je is overwhelmed with registrations. There is a backlog of KYC verification’s already. More resources are allocated to reduce it. In the meantime, we appreciate your understanding and patience. The registration prize is FIFO based, no worries. Just crazy! One thing we do “well” is underestimating ourselves, and the market.”
Rising Competition For The European Crypto Market:
Over the past twelve months, the Bitcoin market has seen an 80% decline due to the combined value of all digital currencies dropping from $800 billion to $120 billion.
Despite this staggering drop in valuation, big names in the global crypto sector, including Binance are continuing to expand and lead the way for the way for global mainstream cryptocurrency adoption.
Wei Zhou, CFO at Binance previously stated that fiat-to-crypto exchanges are imperative for the first level of Bitcoin adoption and awareness amongst new investors and users.
The arrival of Binance in the Euro and British cryptocurrency markets is expected to provide stiff competition for existing big players such as Bitstamp and Coinbase.
Wei Zhou had this to say:
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption.”
In the past few months, Binance has established itself as one of the many leading companies in the digital currency sector to expand rapidly in an effort to bolster the current infrastructure which supports digital currencies as an asset class.
Just last week, Bakkt the cryptocurrency exchange which is operated by ICE which is the parent company of the New York Stock Exchange completed their first acquisition as an established cryptocurrency company.
What Can Investors Expect From Europe?
While Europe has clearly had a head-start as opposed to other Bitcoin markets such as South Korea, Japan and many others, it must be noted that the local cryptocurrency market has struggled with regards to rapid growth.
According to data from CryptoCompare as of today, the daily Bitcoin volume in Europe only amounts to less than 4% of the global volume and is currently ranked after Japan and the USA.
Only time will tell if the entrance of Binance and other major exchanges in Europe could result in a steady increase in growth rate. However, the arrival on Binance does provide new and alternative solutions for crypto users in Europe who have in the past had to rely on a small number of trading platforms.
Do you think that Binance’s arrival will be the catalyst for the boom that the European crypto market needs? Let us know your thoughts by leaving a comment below.
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