In spite of the overall bear market these past six months, Binance remains optimistic in its mission. Earlier this week, Binance CEO Zhao Changpeng announced that Binance would begin offering euro trading pairs, to be released later this year from its newly-established Malta headquarters, according to Cindy Wang and Benjamin Robertson from Bloomberg. Coinbase, Gemini, and Kraken offer fiat-to-crypto exchanges, but with a much smaller array of cryptocurrencies. With an exchange that contains around 300 tokens, Zhao Changpeng is positioning Binance to emerge as the premier cryptocurrency exchange that could propel global adoption.
Currently serving around 9 million users, the exchange has nearly quadrupled its user base since the beginning of 2018. The firm is currently averaging about $1.4 billion in daily trading volume, according to CCN. Binance most recently obtained a license in Malta, and is in the process of speaking with authorities from Jersey of Channel Island and Taiwan. With the launch of Euro trading pairs for later this year, the crypto space may witness another bubble as the exchange makes itself more accessible. However, bubbles are not necessarily a bad thing, according to Binance’s CEO.
“We’d like the bubble to break. We still see a lot of hype in the market, valuations are high and unreasonable. We really think if the bubble bursts, it’s a good thing for the industry.” -Zhao Changpeng
Kyle Cuico, Chief Investment Officer from Lunar Digital Assets, also doesn’t necessarily see bubble bursts as a bad thing. “What some people don’t realize is that every time a bubble occurs, however big or small, it’s an empirical indication that more people are getting into the space. Whatever ends up happening, everyone involved learns a thing or two more about cryptocurrency. What the space needs most is education.”
One thing is for sure, by opening up euro trading pairs, Binance enables cryptocurrency to be a whole lot more accessible to owners of European currencies.