Binance trading platform, a digital medium where cryptos could be traded reportedly would be launched soon by the Malta-based global exchange crypto firm. The platform will enhance operations for small exchanges to operate better in their local market.
Dubbed Binance Cloud, the platform when launched will allow traditional exchange firms with spot market alongside future trading, local bank API integrations and peer-to-peer (P2P) fiat-to-cryptocurrency exchange services. The platform, later on, would enable firms able to launch virtual tokens through an IEO.
The new Binance trading platform would help solve future exchange operators’ problems of software exchanges face as regards security alongside scalability. With these problems solved, Startup exchange firms have to be bothered on other issues like securing a license, getting registered, etc.
New Binance trading platform, Binance cloud exclusive feature
The new product has several other exclusive features it provides for local and small exchange firms. Reportedly, the tech is said would offer features exclusive to Binance.com like matching engine, security controls, etc such that even in cases where local exchange has its’ own crypto, its back end will still be Binance. This ensures that local firms enjoy more liquidity even in places the Malta-based firm doesn’t work.
Binance said that the tech is an all-in-one solution that enables its users to manage funds, trade pairs, list coins, and access Binance.com global exchange alongside many other opportunities to work in the ecosystem.
Binance further revealed that it will add over-the-counter trading services alongside its token launch ability through its IEO platform.
Binance, Alphapoint competition
Following the launch of the Binance trading platform, it would bring it to competition with AlphaPoint, another company that provides several services in the crypto exchange space. Alphapoint offers software solutions to leading global firms in the crypto space.
Complexities around building an exchange, especially security and scalability during bull runs, remains a problem for exchange startups. Sometime last year, Binance was also hacked as the criminals managed to cart away over $35 million after they were able to access exchange users’ API keys and 2FA codes.