May 1st, 2018: Though it has caught as much attention in the cryptosphere, big news was released at the end of last week for the world’s largest cryptocurrency exchange, Binance. Through multiple press releases and blog posts from both companies, the announcement was made that the two companies, who were once competitors, will now be partnering up.
According to an official blog post from the Changelly team, Changpeng Zhao, the CEO of Binance, commented that:
After meeting Konstantin in person to finalize our partnership, I am confident that Changelly has a professional team with great experience and even bigger potential. We believe that together we will provide users all over the world with a top-class level of service.
By teaming up the two cryptocurrency exchanges will be able to offer users an increased level of liquidity by bringing more buyers and sellers to the market. Cryptocurrency exchanges can often be intimidating for newcomers entering the cryptocurrency markets and Binance is looking to solve that by partnering up with Changelly.
Changelly, a popular exchange service that allows users to easily, simply, and quickly trade one currency for another cryptocurrency has done a particularly good job at remaining beginner-friendly. Not only can users trade cryptocurrencies without learning the trading system, but have also been able to purchase crypto directly with fiat via credit and debit cards.
The move for Binance could be the next logical step in their expansion plans for the coming year. After announcing their intentions of moving operations to Malta (perhaps the most important operation relocation announcement in the crypto world to date), CZ and the Binance team stated that they would be working on integrating fiat-to-crypto transactions at some point in the future.
This partnership with Changelly could ultimately lead to just that. Binance has been consistently important and influential in the cryptocurrency space, so the decision to team up with Changelly could force other exchanges to start considering their policies and practices as well. At a time when exchanges are working to control as much of the market as possible, the easiest way to get new money investors to choose your exchange is to make it easy for them.