Fiat-to-Crypto Exchange Binance Singapore Launches to Public With Partner Vertex Ventures
- Binance Singapore has officially launched, following a soft launch in April.
- The new platform has the lowest fees for transactions in the region.
Binance has had many changes recently, including the withdrawal from the US market in lieu of another platform. Now, according to a new press release, the firm has officially launched Binance Singapore (Binance SG), which will serve as a fiat-to-crypto platform that will allow users to apply Singapore Dollars (SGD) in their purchase and sale of cryptocurrencies. The new blockchain ecosystem for Singapore will soon be grown further with Vertex Ventures as their investment partner in the China and Southeast Asia arms.
With the Singapore platform, Binance can serve locals by allowing the trading of select cryptocurrency pairs. There are real-time deposits and withdrawals with the FAST (Fast and Secure Transfers) protocols. The platform went through a soft launch in April, and there has been about 20% of growth weekly in trading volume. By establishing this new gateway within Singapore, Binance hopes that this will be the first step in developing “an increasingly robust, compliant and scalable presence in the region,” according to the press release.
The platform is planning to add other cryptocurrencies to the platform in the future, as the team works to become part of the growing market share. Changpeng Zhao, the CEO of Binance, commented,
“We are humbled by the positive response to Binance Singapore thus far, which is largely due to our strategic investment partner.”
“Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore's broader blockchain ecosystem.”
Chua Kee Lock, the managing partner for Vertex Ventures Southeast Asia and India, stated that they aim to be part of the efforts to create an infrastructure that is strong, secure, and compliant with the local regulations. The platform feels “enthusiastic” about being a part of these efforts, as Lock added that “there is much more to come from this partnership.”
So far, Singapore has been a location that has had a lot of popularity with cryptocurrency and blockchain companies, due to the progressive environment that they have developed in their regulations. By launching Binance Singapore, both Binance and Vertex hope that their compliance will set the standard for other platforms entering the space, complying with the strict KYC/AML policies in place.
The platform already has the lowest fees for trading, deposits, and withdrawals in the market. However, Binance Singapore is also preceded by two other compliant fiat-to-crypto platforms from Binance in that hemisphere – Binance Uganda and Binance Jersey.
— Binance (@binance) July 10, 2019