Binance will launch a new digital asset trading platform in 2020 in the United Kingdom to serve its increasing institutional clientele.
Leading cryptocurrency exchange Binance will be expanding to the United Kingdom with a regulated crypto trading platform for both institutional and retail investors.
With this platform, Binance aims to tap the institutional investment market and meet the rising demand for digital asset investments in this sphere.
Binance is reportedly reviewing 65 digital assets that it plans to list on the exchange at launch. Investors will be able to trade these assets directly against pounds and euros, Reuters reported.
Being a regulated exchange, Binance’s trading platform will function under the supervision of the U.K. Financial Conduct Authority.
The platform will allow direct deposits and withdrawals from bank accounts using the U.K. Faster Payments Service and the Single Euro Payments Area network. This will purportedly make the crypto trading experience on the platform smoother for all investors.
Teana Baker-Taylor, director of Binance U.K., said that with more maturity in the crypto market, Binance is creating more investment options for traders to participate in the crypto market. They are building “products that earn a yield for participation, like staking and passive savings,” she added.
Spike in institutional investment on Binance
According to Binance, its platform saw an increase in the number of institutional clients — which jumped 47% since Q4 2019 — along with a concomitant surge in trading volumes.
Institutional volumes, Binance claimed, had risen by 113% during the first quarter of 2020 on spot transactions. It also registered an increase of 217% on futures investment. To that end, Taylor said:
“Interest and participation in the UK digital asset markets is growing; not just in-depth with its current participants, but also in breadth.”
This content is provided by public RSS feed at https://cointelegraph.com/feed. Please contact us if you have any questions.