Major Crypto exchange Binance officially releases the Binance Cloud platform targeting users willing to set up their own crypto exchanges.
Founder Changpeng Zhao or CZ first hinted at the introduction of Binance Cloud on Feb. 8. Having officially released on Feb. 17 the new Binance Cloud platform might be somewhat different from what the crypto industry expects the new feature to be.
The platform will serve as an all-in-one infrastructure platform for customers and partners to launch digital asset exchanges based on Binance’s industry-leading technology, security, liquidity as well as custodial services.
The solution also supports a dashboard for managing funds, multilingual functionality, as well as a range of trading pairs and coin listings. Moreover, it will provide users with a method of setting up a crypto platform in their local markets.
Binance Cloud’s features include crypto spot market and futures trading as well as local bank API integrations and peer-to-peer exchange services from fiat to crypto, the announcement notes.
In the future, Binance Cloud plans to add more features like staking, over-the-counter trading services as well as token issuance with initial exchange offering platform.
Binance CEO, CZ says that Binance Cloud would allow any partner to launch an exchange within three to five days in case if “other preparations are in order.” According to the original announcement, the first major digital asset exchange fully powered by Binance Cloud will launch in early March 2020.
CZ also pointed out that Binance Cloud is the first initiative of its kind, claiming:
“Binance Cloud is a product suite previously missing from the market […] We are eager to share the quality experience of Binance through different brands, communities, and markets globally.”
“We want to enable more of our partners to access crypto, so that other people can do this together with us in enabling people to access crypto. So the concept behind Binance Cloud is that we want to provide a platform where other people can help us enable access to crypto. So that’s really the idea behind it.”