The Binance exchange continues to make a lot of headlines. After its migration to Malta, the company has now struck a major partnership. Their new venture together with Changelly will result in more tokens, better rates, and faster transactions for users. It is symbolic how this partnership came to be through a meeting in Valletta, Malta.
Changelly Steps up its Game
In the cryptocurrency world, converting between different currencies can be a challenge. Rather than relying on cryptocurrency exchanges, people often use intermediary services. Changelly is quite a popular solution in this regard. It is a competitor to ShapeShift, as there is room for more than one company in that particular space.
By partnering with Binance, the conversion platform aims to improve its number of supported currencies. Additionally, they will benefit from slightly more liquidity and faster transactions. It appears to be a win-win situation for both parties. With the demand for cryptocurrency growing on a global scale, partnerships like these become more important. Binance CEO Changpeng Zhao explains the decision:
“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.”
Another Big Move for Binance
This new partnership puts Changelly in the position of “broker” between Binance and its users. There are no complicated interfaces, high fees, and other off-putting aspects to take into account. Changelly’s algorithm picks up the live exchange rate from Binance and provides them to users in real-time. The instant exchange between different currencies will remain a possibility. Changelly CEO Konstantin Gladych comments:
“This partnership is a huge honor for Changelly: I am sure that it will help us provide even higher-quality service to our users around the world and increase our presence on the crypto market. The top exchange trusts us to have business with — this gives us confidence in what we do, and also responsibility to ensure five-star user experience. We are up for the challenge!”
For Changelly, having access to more cryptocurrencies to support is a smart decision. Binance is the world’s largest altcoin trading platform and as such, they support dozens of currencies, tokens, and assets. Changelly can add new tokens to their platform, although it remains unclear if all currencies will be supported in the long run. Binance provides access to over 100 assets, albeit not all of them are in high demand all the time.
Image from Shutterstock
