Binance has announced plans to launch a trading platform in the United Kingdom this summer. The new platform will trade at least 65 different cryptocurrencies.
Reuters reports that the company is launching a platform to enable retail and institutional investors trade cryptocurrencies using Pounds and Euros. According to the firm, U.K.’s Financial Conduct Authority will regulate the platform. U.K-based users will be able to deposit and withdraw for the purchase and sale of digital assets. The services will use bank transfers using the U.K. Faster Payment Service and the Single Euro Payments Area network. Speaking to Reuters, Binance UK Director Teana Baker-Taylor stated:
“Interest and participation in the U.K. digital asset markets is growing; not just in-depth with its current participants, but also in breadth […] as crypto services mature and evolve, we’re able to create new options to engage and capture interest from a wider audience with varying risk appetites, such as products that earn a yield for participation, like staking and passive savings.”
A Shield against Inflation
Bitcoin (BTC) underwent its third halving last May, but it has established itself as a new asset class. Individual and institutional players consider it a contender to gold as not only a store of value. Some also see it taking over from the USD as the go-to-currency during a recession. After dipping from $ 10,000 in early May to $8,500, Bitcoin’s value is now facing $10,500.
he halving event cut bitcoin’s production in half in just a matter of seconds. Scarcity and low stock-to-flow ratio endears it to investors looking for a shield against the inflation associated with fiat currencies. The ongoing economic downtown caused by lockdowns as a result of the continuing COVID-19 pandemic has shaken fiat.
Referred to as the “digital gold,” BTC has carved for itself an identity of being antifragile. Once a ‘rebels’ attempt to overthrow central banks and fiat currencies, cryptocurrencies are joining the list of the level-headed assets. Countries are deliberately pursuing Central Bank Digital Currencies (CBDC) into a future without fiat currency .
Binance Exchange has been on high gear establishing joint ventures with leading global financial partners. The exchange already has a foothold in countries like Singapore, Korea, Uganda, Jersey and the United States. The firm has created robust fiat-to-cryptocurrency trading platforms. Binance will benefit from the country’s reasonably lenient approach to cryptos as the U.K. hasn’t made any specific crypto-focused law.