Binance's Singapore Fiat-to-Bitcoin Exchange Is Launching Next Week
Cryptocurrency exchange giant Binance will launch its new fiat-to-crypto platform in Singapore next week, its chief financial officer said.
This will characterize the new money entering institutional crypto trading, said Zhou, adding:
“I think right now, all the world is focused on what they call ‘old money’ – which is great, but I think the style of a lot of these institutions just don’t move at crypto speed.”
According to Zhou, these institutional traders are leveraging Binance's application programming interface (API), heralding a new type of institution entering the space. These players wield less capital than, say, a typical tech-focused hedge fund, but they operate in a way that is “highly nimble, highly algorithm-driven and highly efficient,” he said.