The world's largest crypto exchange, Binance, is expanding its European ambitions by heading to Jersey and adding little-known Siacoin (SC) to its listing.
Binance, which currently processes $1.6 billion in daily crypto trading transactions, announced it will create 40 new jobs in Jersey, part of the Channel Islands. This statement followed after it finally consolidated its position in Malta. The plan involves signing a memorandum of understanding with local organization Digital Jersey, which aims to create a cryptocurrency exchange on the island. Binance plans to not only open trading against the British pound, but also fund local startups through the Binance Labs venture fund and actively participate in the development and establishment of the local blockchain ecosystem.
Binance CEO Changpeng Zhao noted that this move was the “next big step” in the company’s global expansion strategy.
In addition to information about the expansion, the company’s official website announced support for Siacoin (SC) and the opening of trading in SC/BNB, SC/BTC and SC/ETH pairs on June 14.
The choice of currency for expanding the listing slightly puzzled users. The message available on the Binance website does not provide any additional details, just a presentation and invitation to deposit Siacoin and prepare for trading.
The Siacoin cryptocurrency was released to support the functioning of the decentralized cloud data storage platform of the same name. The crypto project, which began in 2015, aims to provide users with an alternative to centralized cloud storage. Through smart contracts stored in the Sia blockchain, a decentralized network is formed from the power of users’ hard drives rented for Sia system tokens and creates a transparent trading platform.
Called a “dark horse” at the start of its launch, Siacoin today has a capitalization of $510,338,926 and a price of $0.015 USD, which has increased by 25% despite the overall market decline, amid news from Binance.
Currently, only Poloniex, HitBTC and UpBit list Siacon among their trading pairs. Platform Cryptopia recently delisted Siacoin due to low trading volumes. It is very likely that the trading volume on the largest platform Binance will exceed the rest of the stock exchanges and will become the main way to obtain or speculate on Siacoins.
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