Binance Receives Investment From Vertex Ventures To Facilitate Expansion In Singapore

Vertex Ventures has invested in the world’s leading cryptocurrency exchange Binance as it looks to establish a fiat-to-cryptocurrency exchange in Singapore.

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Vertex Ventures has invested in the world’s leading cryptocurrency exchange Binance as it looks to establish a fiat-to-cryptocurrency exchange in Singapore.

Vertex Ventures is an investment company with ties to the Singaporean government via its parent Temasek Holdings. Temasek has over 200 billion in assets under management.

Vertex making the right decision

The venture capital firm announced on Monday, October 22, 2018, that it has invested in Binance, with the exchange looking to develop its fiat-to-crypto exchange platform in the Southeast Asian country.

The exact amount that was invested was not disclosed. However, they revealed that the investment was a joint effort between Vertex Ventures China and Vertex Ventures Southeast Asia & India.

Vertex further added that the funds would be used to support other fiat-to-crypto ventures in the region.

According to Vertex, which is the oldest venture capital firm in the region, investing in the cryptocurrency market is a move in the right direction. This is in part due to the market maturing with the entry of institutional funds.

While commenting on this latest move, Choon Chong Tay, Vertex Ventures China managing partner praised Binance’s founder and CEO, Changpeng Zhao.

He described him as one of the most respected entrepreneurs in the crypto space who is working towards the further development of the blockchain industry.

Vertex Ventures Southeast Asia & India’s managing partner, Joo Hock Chua, echoed the same sentiment. He added that they are eager to work with Changpeng Zhao and his team as they develop the crypto platform in Singapore.

Minh Do, a spokesman for Vertex clarified error made by some media channels, stating that Temasek Holdings Pte which is a limited partner for Vertex didn’t play any role in the deal between Vertex and Binance.

Changpeng Zhao was the first to announce this move after he revealed last month that Binance would be expanding its operations to Singapore.

Binance continues to expand despite bear market

The cryptocurrency exchange, which is just a year old has been expanding its operations despite the current market situation.

Despite having issues with authorities in Japan, Hong Kong, and also New York, Binance is resolute in its plans to make it possible for users to swap cryptos for Singaporean dollar.

They are also looking to expand into other markets, especially Africa, with its launch of Binance Uganda a testament to that.

The platform, which went live yesterday, will allow users in the African country to buy Bitcoin and Ethereum using their local fiat currency, the Ugandan shillings (UGX).

Singapore still remains a crypto-friendly country

Temasek Holdings is a government-backed venture and even though it was not involved in the deal between Vertex and Binance, it is still a testament to the support that cryptocurrencies are getting from the Singaporean government.

The country, alongside Malta and Switzerland, has become one of the preferred destinations for crypto and blockchain startup as there is no strict regulation against them.

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