Binance Partners with Malta Stock Exchange to Launch Crypto Trading

Binance Partners with Malta Stock Exchange to Launch Crypto Trading

Malta Stock Exchange has tied up with Binance, whose experience in crypto trading would help the Maltese exchange clear some operational hurdles smoothly. Understanding the rising demand for cryptocurrencies as a trading and investment instrument, a lot of traditional= exchanges are queuing up to start cryptocurrencies digital exchanges. 

Binance Partnership venture envision traditional financial assets on blockchain

Cryptocurrency giant Binance and the Malta Stock Exchange signed a  memorandum of understanding signed Binance decided to extend its business to Malta, amid the country’s efforts to become a hub for blockchain investors. This also created hopes for Malta Stock Exchange who expressed that the new trading platform would leverage the company’s track record of operating as a regulated stock exchange and its experience in regulatory compliance and client due diligence.

Binance CFO Wei Zhou said the company was excited to help build the blockchain ecosystem in Malta.

“This partnership will allow Binance and MSE to host traditional financial assets on blockchain technology through security tokens. We look forward to bringing more innovations to Malta and further establishing our presence here,” he added.

This is not the first agreement between Binance and the MSE. Earlier this year, it announced that  Malta Stock Exchange “joined forces” with Binance to launch of an incubator programme designed to help start-ups. However, later it was discovered that no such agreement was officially in place. MSE chairman Joseph Portelli had admitted no formal agreement had been signed, despite the press release, adding that the two sides simply had “agreed on the intent” of working with one another.

Also, read: Binance CEO Comments on the Instability of Fiat as Currencies Plunge all over the World

Traditional exchanges look to grab a piece of cryptocurrency trading

The biggest news of a traditional exchange getting into crypto business came in when The Intercontinental Exchange, the operator behind the New York Stock Exchange, has announced that it is creating a new company called Bakkt that will hold and manage people’s cryptocurrency. The platform is supposed to be powered by Microsoft cloud tech and it also plans to begin with trading and converting bitcoin to US dollars and another fiat (government-backed) currencies as “bitcoin is today the most liquid digital currency.”

Another large player that opened its door to cryptos was SIX, the operator and owner of Switzerland’s primary stock exchange when it announced of offering cryptocurrency trading on its new SIX Digital Exchange. The platform plans to allow its clients to tokenize their traditional securities and issue and trade custom digital tokens while conducting ICOs

Another European and Germany’s second largest stock exchange, the Stuttgart Börse, also revealed plans to develop a new platform for Initial Coin Offerings (ICO) as well as a multilateral crypto trading venue. The German bourse, which had a trading volume of EUR 81 billion (about $95 billion) across all asset classes in 2017, had already this May unveiled a prototype of its zero-fee crypto trading app for the public, dubbed “Bison,”

Jamaica Stock Exchange(JSE) also announced last month that it would soon be offering cryptocurrencies as tradeable assets for clients. The JSE is in no rush, however, and is taking its time to ensure that the launch is safe for investors.

With every addition of a traditional stock exchange joining the ranks to launch a crypto trading desk or a vertical, the crypto market is getting stronger. This not only adds the sophistication and technology these exchanges get to cryptos, but also brings along the trust these traditional exchanges have built over the years.

Will entry of these exchages change the way cryptos are traded today? Do let us know your views on the same.

The post Binance Partners with Malta Stock Exchange to Launch Crypto Trading appeared first on Coingape.

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