Binance’s newly released Binance Cloud platform might be somewhat different from what the crypto industry expects the new feature to be. After Binance founder and CEO Changpeng Zhao (CZ) first hinted at the introduction of Binance Cloud on Feb 8, the new service has been officially released on Feb 17. It targets users willing to set up crypto exchanges according to the blog post by Binance.

All-in-One Infrastructure by Binance for Launching a Crypto Exchange

According to the announcement, Binance Cloud will serve as an all-in-one infrastructure platform for customers and partners to launch digital asset exchanges based on Binance’s industry-leading technology, security, liquidity as well as custodial services. The solution also supports a dashboard for managing funds, multilingual functionality, as well as a range of trading pairs and coin listings.

The Binance‘s new exchange-specific cloud solution will provide users with a method of setting up a crypto platform in their local markets. Binance Cloud’s features include crypto spot market and futures trading as well as local bank API integrations and peer-to-peer exchange services from fiat to crypto, the announcement notes. In the future, Binance Cloud plans to add more features like staking, over-the-counter trading services as well as token issuance with initial exchange offering platform.

CZ Says that Binance Cloud will allow users to launch an exchange within 3-to-5 Days

Speaking about Binance Cloud in an interview, CZ outlined that the new service will particularly target people in regions that aren’t yet covered by Binance. CZ said that Binance Cloud will allow those people to run their own exchanges in local markets that are far from Binance “both fiscally and also culturally or just knowledge-wise” to date.

The Binance CEO also told the media that Binance Cloud would allow any partner to launch an exchange within 3-5 days in case if “other preparations are in order”. According to the original announcement, the first major digital asset exchange fully powered by Binance Cloud will launch in early March 2020.

Binance Cloud comes in line with Binance’s Mission to unlock crypto for everyone

CZ also pointed out that Binance Cloud is the first initiative of its kind, claiming:

Binance Cloud is a product suite previously missing from the market. We are earger to share the quality experience of Binance through different brands, communities, and markets globally.

Speaking to the media, CZ was unsure of who had initially conceived the idea of Binance Cloud, beyond the fact that it was not him. The Binance CEO added that the origin of the idea is not as important as execution. CZ stressed that Binance Cloud aims to enable everyone to access crypto and contribute to global adoption. CZ told:

We want to enable more of our partners to access crypto, so that other people can do this together with us in enabling people to access crypto. So the concept behind Binance Cloud is that we want to provide a platform where other people can help us enable access to crypto. So that’s really the idea behind it.

The news comes amid a recent report claiming that Binance has applied for a license to operate in Singapore. Originally based in Malta, Binance will now purportedly expand its regulatory compliance by acquiring a license from the Monetary Authority of Singapore.

So, what do you guys think about Binance Cloud? Will this help more crypto adoption mission of Binance? Share your views in the comment section