Cryptocurrency exchange Binance has lately been in the news, for more good news than bad. While cryptocurrency regulations in India have been in a limbo since last one year, nonetheless the exchange has been fairly positive about the outcome.
Illustrating the importance of blockchain and remittance, the a blogpost stated, “To illustrate how cost-efficient blockchain transactions are in terms of transferring value, let’s look at one particular transaction on the blockchain. In November 2018, about 109,735 Bitcoins worth about US$600 million at the time were transferred from one address to another. On a normal remittance situation, up to US$32.4 million would have gone towards transfer fees. On the blockchain, this transfer cost more than 99% less. In fact, the whole transfer cost just $7.”
In an earlier conversation with Crypto-News India, Binance had stated that, while they were not sure of opening an exchange in India, there were other plans in store. Ted Lin, the Chief Growth Officer of Binance had said, “We do not have plans to open up an office in India anytime soon, but we already have marketing personnel based in India to engage, to learn, and to share knowledge about blockchain and crypto with local users. India is a very important to us, and we will continue our journey of education while keeping a close eye on the latest government regulations in this space.”
The blogpost reiterated the point saying that the exchange wants the world to become more free when it comes to using their money. A major part of that goal is to advocate the use of blockchain in real life, such as remittances and livelihoods. It stated, “And we believe that India will play a huge part in advancing the blockchain movement.”
The Chief Executive Officer (CEO) of Binance, Changpeng Zhao said, “India, with its tremendous tech talents, has the potential to be a major development center for blockchain technologies and as well as a financial hub for the world tomorrow.”
While that sounds promising in itself, we may have to wait until tomorrow to find out as the exchange is all set to host a meetup in Bangalore.
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