Binance has officially unveiled its own while label solution, Binance Cloud, which allows enterprises set up their own crypto exchange and delve into trading of virtual assets. In the future, this platform could also be used to launch virtual tokens via an IEO (initial exchange offering) platform and introduce OTC trading services, helping partners pump in more funds.
The platform also enables brokers, fund managers and token issuers to quickly develop new revenue streams, access Binance’s native liquidity and trade multiple crypto assets all from just one single venue.
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Binance Cloud simply implies less expenditure and faster deployment. The new product is a white label, ready-made platform with back-end and functionality ready to be deployed. The platform can be easily customized by incorporating the partner’s brand logo while saving development time and cost.
Per a CoinDesk report, Binance Cloud will offer a turnkey managed solution with full-service setup and maintenance, including the matching engine, security controls and liquidity of the main Binance.com exchange.
Building a crypto exchange from scratch
Binance also plans to ‘while label’ other functionalities such Staking, which enables users to earn dividends or interest on their digital assets for validating transactions and also allows them to vote on changes in the blockchain. As such, users will be rewarded for simply depositing and holding coins with Binance’s partners.
Rather than creating a one-size fits all model, the new solution secures configurable order management system, order routing, with integration options for custody, KYC/AML, and settlement. It also provides a ready-made UI/UX tool set and full stack technology suite for easy integration.
“The Binance Cloud service is an all-in-one solution, featuring an easy-to-use dashboard that allows customers to manage funds, trading pairs and coin listings, as well as multilingual support, depth-sharing with the Binance.com global exchange, and more opportunities to collaborate with the ecosystem,” the company said.
Earlier this month, Binance CEO Changpeng Zhao hinted at the launch of the new product but the speculation had since been that exchange is working on a decentralized cloud product. CZ added that Binance was continuing to expand its P2P crypto trading platform, noting that Binance’s DEX is also expected to see some significant enhancements in the next months. Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet.
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