Binance, the world’s largest crypto exchange by trading volume, will be entering the crypto-as-a-service business, according to a company statement. Binance processes around $20 billion in crypto trading each day.
Binance says its new white-label solution will help traditional finance services firms to offer crypto trading services. A growing number of brokers and investment platforms are offering digital asset trading as demand from investors has risen.
The services are said to cater to firms explicitly tailored for large, regulated financial institutions. It can offer spot trading as well as derivatives while incorporating custody and settlement services.
Binance adds that users will benefit from its access to liquidity and global markets.
Catherine Chen, Head of VIP & Institutional at Binance, says that as crypto trading demand grows, financial services firms can no longer sit on the sidelines, as creating from scratch is expensive and complicated. Chen claims their services provide a turnkey solution that is plug-and-play and compliant.
“Ultimately, CaaS aims to broaden access to digital assets, reaching more users who may not yet be exposed to this asset class. We’re excited to help bridge the gap between traditional finance and the crypto world, empowering institutions to confidently embrace the future of finance.”
The service is expected to be made available on September 30th.