Crypto Exchange Binance Receives Investment From Singapore’s Vertex Venturesbr>
Singapore-based venture fund Vertex Ventures is investing an undisclosed amount in Binance, one of the world’s largest crypto exchanges by market capitalization, to build a fiat-to-crypto exchange in the country.
Vertex Venture, a subsidiary of Singapore-based government-owned investment firm Temasek Holdings, is a worldwide group of venture capital funds with dedicated investments in IT and health care. The firm operates five funds globally, including vehicles that focus on regional markets.
In a joint statement, the two companies said that the investment will help Binance build and launch an exchange in Singapore for swapping between fiat currencies and cryptocurrencies by the end of the year. The investment, a joint effort between Vertex Ventures China and Vertex Ventures Southeast Asia and India, will also help Binance launch other exchanges and services throughout Southeast Asia.
The plan to launch a fiat-to-crypto exchange in Singapore was first revealed by Binance CEO Changpeng Zhao last month while speaking at a blockchain event in the country. At the time, Zhao said that the exchange was already in closed beta testing and should be open later this year.
Choon Chong Tay, Vertex Ventures China managing partner, said in a statement that Zhao is “one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem.”
“We look forward to working with Changpeng Zhao and his team to drive innovation in the space while building a sustainable and compliant platform in Singapore,” added Joo Hock Chua, Vertex Ventures Southeast Asia & India’s managing partner.