Binance team announced in a press release on Tuesday, 20th of November that the company collaborated with Koi trading platform. Binance is the biggest cryptocurrency exchange based in China. According to the crypto watcher CoinMarketCap, currently, Binance has the incredible trading volume of over $715 million USD.
The investment was made through Binance labs, a wing of the corporation defined as “social impact fund”. It aims to sponsor blockchain and cryptocurrency entrepreneurs, projects, and communities.
Koi trading is an over-the-counter cryptocurrency exchange. It is based in San Francisco, California. It deals with institutions and focuses on OTC compliance management. That is a small for the largest crypto exchange investment but certainly a substantial one.
Regarding the initiative, the head of Binance Labs Ella Zhang stated that:
Koi Trading’s mission is to bridge fiat and cryptocurrencies in a compliant manner. This aligns with our broader vision at Binance to build the infrastructure which provides the freedom of value exchange globally.
Binance wants to reach the North American market through financial organizations such as Koi trading. It deals with the U.S. regulations about cryptocurrencies and trading conditions.
The founder of Koi, and currently its CEO Hao Chen said about the exchange that:
Our team of experienced traders and sales personnel will join forces to tap into vast networks of counterparties in North America, Asia, and the EU, bridging the gap that divides the current OTC landscape.
He also stated that the partnership will be a great success for the exchange because both companies will join forces to spread across continents.
With Koi’s robust AML program, extensive banking relations in the US, investment from Binance Labs, and strong trust amongst counterparties in the Greater China, we aim to be the market nexus that reduces trust and information asymmetry and improves cryptocurrency OTC deal close rate.