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Binance 2020 First AMA: Launching Fee-Free Fiat Trading Market, Cloud Computing Platform

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Binance 2020 First AMA: Launching Fee-Free Fiat Trading Market, Cloud Computing Platform

Binance CEO Changpeng Zhao (CZ) recently conducted the first AMA of the year via live stream on Twitter. In the AMA, which was postponed for 3 months, CZ discussed Binance's major plans for this year and the impact of the COVID-19 pandemic on Bitcoin.

Table of Contents

  • Binance Cloud to be Launched Within Ten Days
  • Fee-Free, User-Focused Fiat Trading Market to be Introduced; Global Broker Program Planned

Major Goals Set for 2020

CZ mentioned in an AMA that progress is expected within the next week. While details are scarce, it hints at many interesting products on the horizon.

When asked about the impact of the Wuhan coronavirus on Bitcoin, CZ responded:

I don't think it will particularly affect Bitcoin, but it may have a catastrophic impact on the global macroeconomy, and Binance has pledged to donate 10 million RMB to fight the epidemic.

Furthermore, Binance will launch BNB 1-50x leverage contracts today. BNB will also become the 16th asset available for Binance futures contracts, with Tron (TRX) currently having the largest trading volume among all Binance futures contracts.

Binance has opened up fiat trading channels in regions like Norway, Russia, and Croatia, where users can also purchase cryptocurrencies using Russian credit cards.

Binance announced two new initiatives: a fee-free peer-to-peer trading market (still requiring AML/KYC) and the Global Broker Program. CZ is actively seeking partners among brokers and P2P merchants. These merchants will provide fiat liquidity and help drive the development of peer-to-peer trading markets in developing countries. The Broker Program is designed for partners with their own systems and clients, who can provide trading services to users through Binance's proprietary API and share fee revenue.

Binance Cloud

The highlight of this AMA is the possible launch of Binance Cloud later this week. According to the announcement, Binance is currently hiring a Senior Cloud Engineer to join its architecture team. The job posting states:

We have a large-scale and high-availability computing system on a senior cloud computing platform, and we are seeking a cloud architecture engineer who is passionate about innovation, expansion, and automation of this critical business through available technical resources.

Although the AMA did not reveal many details, CZ's tight-lipped attitude indicates that a decentralized cloud computing platform may be a significant development for Binance in the early part of this year.

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