On a visit to Malta , Zhao Changpeng announces a major partnership between its exchange platform Binance and Changelly . While the two companies each offer a service dedicated to the exchange of cryptocurrencies, this combination will extend their scope of action, while making them benefit from the technical strengths of their partner.
Proud to announce @Changelly_team partnership with @binance. It's bringing our instant exchange service to the next level with new trading pairs, better rates and faster transactions! Was a pleasure to make agreement with @cz_binance in Malta. @gladkos https://t.co/eB8KjY8qDf
— Konstantin Gladych (@gladkos) April 24, 2018
Changelly and Binance are two rather different trading platforms.
- Changelly allows to exchange the cryptocurrencies of which one holds the private keys on the fly, and at the market price.
- Binance is used to exchange cryptocurrencies that the user has previously deposited on the platform. He can then access all exchange features: exchange at market price, at a given price, etc.
The two services therefore have the same purpose by allowing to exchange a given cryptocurrency against another, but work very differently and are intended for different uses .
Each of the two companies is a leader in its sector, with one of Changelly’s main competitors being ShapeShift . If the two companies unite, it is mainly because of the convergence of their vision of the cryptocurrency sector.
“Having met Konstantin in person to finalize our partnership, I am confident, since Changelly has a professional team with great experience and great potential. We believe that together we can offer users around the world a first-rate service level. ” Changpeng Zhao, CEO of Binance
The press release does not specify exactly what the agreement is about. However, it can be assumed that it is because of their complementarity that societies unite.
Also note that Changelly can buy cryptoactives directly with fiat currency, a point that should be of interest to Binance which only includes the USDT . This also implies that any user must necessarily go through a competitor like Kraken or Bitfinex to buy cryptoactives with euro or dollar.
Will the integration of FIAT pass through Changelly?