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Binance plans to launch support center in South Korea after local startup investment

Image by PIRO4D from Pixabay

Wed, 15 Jan 2020, 07:28 am UTC

Binance will be launching a support center in South Korea through its subsidiary company Binance Co. Ltd, CoinDesk reported.

Cryptocurrency exchange Binance brought 500 million won ($432,000) worth of stake in Korean fintech firm, BxB. Binance CEO Changpeng “CZ” Zhao said that they work with local partners across regions to "jointly realize our shared mission in furthering cryptocurrency adoption globally," adding that the investment in BxB is another step in exploring growth potential in Korea.

Following their investment, the two firms revealed their plans to launch a new support center for users. For the first time, Binance publicly acknowledged Binance Co. Ltd, as its subsidiary. Binance Co. Ltd. was registered in Korea in October 2019 and they will operate the new support center with BxB.

“Binance is currently developing a future plan for the Korean market with BxB. We are reviewing what kind of business Binance Co., Ltd. will carry out in Korea, in addition to operating the customer support center,” Zhao said.

The investment was made directly from Binance and not through Binance Labs.

The partnership also opens the possibilities of having BxB’s KRWb stablecoin linked to Binance’s BNB token to facilitate trading on Binance. However, the exchange platform currently doesn’t have a Korean won gateway.

Earlier this year, Binance announced that the users can now trade six major cryptocurrencies including two stablecoins, against euro. The six euro trading pairs include BTC/EUR, ETH/EUR, BNB/EUR, XRP/EUR, EUR/BUSD and EUR/USDT.

“One of our key goals for 2020 is to bring crypto to the masses. For this, we aim to enable fiat-to-crypto trading for 180+ fiat currencies,” Zhao said about the fiat-to-crypto exchange.

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