Exchanges Binance and QUOINE this week formed a strategic partnership that will give Japanese residents greater access to digital asset markets. The deal will also supply cryptocurrency-only Binance with more investment channels from the fiat world.
QUOINE has formed a number of partnerships with other platforms, as part of its greater quest to build a worldwide pool of trading liquidity. Last month it also partnered with Bitfinex. The company has not revealed details of what its partnerships involve.
Symbiotic Relationship Gives Access to More Crypto-Assets and Fiats
It was among the first Japanese digital asset exchanges to receive an operating license from local regulator the Financial Services Agency (FSA) in September. However, as a licensed exchange it is limited in the number of assets it can trade locally. The only digital tokens QUOINE trades on its main platform are BTC, ETH, BCC/BCH, and its native QASH unit. Its own cryptocurrency-only platform QRYPTOS isn’t available to Japan residents.
Binance, which is available in Japan, supports over 50 digital assets from the well-known to the relatively obscure.
Meanwhile, QUOINE does support numerous fiat currencies with direct bank account access in some of the countries it serves, most importantly Japan. These include USD and EUR, plus several Asia-region currencies including JPY, CNY, AUD, SGD, HKD, INR (India), IDR (Indonesia) and PHP (Philippines).
Binance, which just launched in mid 2017, will be keen to get its hands on some of that national currency value. With China out of the picture and digital assets receiving official endorsement in Japan, JPY volumes have soared to make it the dominant fiat going into bitcoin.
Judging by the language options it offers, Binance (a portmanteau of “binary” and “finance”) is targeting the East Asian powers of Japan, China and South Korea, plus Russia and Spanish-speaking markets. It claims to focus on speed, with a capacity to process 14 million orders per second.
Will the cryptocurrency world see more exchange partnerships in the coming months and years? Let’s hear your thoughts.
Images via CryptoCompare.com, Pixabay