Vertex Ventures of Singapore Decides to Invest in Binance For Fiat-to-Crypto Exchange
Vertex Ventures holds a place as the sovereign wealth fund of Singapore and is run by a government-owned investment company called Temasek Holdings. Presently, the investment company is in charge of managing $223 billion in assets, since it originated in 2015. Singapore has been vocal about their support for blockchain technology and cryptocurrency, which may be why the venture capital arm of Temasek Holdings has decided to embark on a new investment. This time, they are investing in Binance, the world largest cryptocurrency exchange.
This investment will be used to setup a new branch within the city-state called Binance Singapore, and it will function as a fiat-to-crypto exchange. However, they plan to offer multiple other fiat-crypto services in the area, based on the press statements they’ve released. The first annoucement came from CEO Changpeng Zhao, who is better known as CZ.
Wei Zhou, which is the Chief Financial Officer of the crypto platform, commented on the collaboration, saying,
“Vertex has an experienced team of investment experts in the region and a strong track record of supporting innovative startups that address real world, practical issues. We look forward to building up the blockchain ecosystem and working with all stakeholders in Singapore to support continued innovation in the local fintech space.”
Two of the funds’ branches, Vertex Ventures China and Vertex Ventures Southeast Asia & India, decided to invest jointly in the project to make the platform a reality. To make it possible to function within the area, this exchange will be required to establish both anti-money laundering (AML) and know your customer (KYC) checks. Though most of these types of investments let the public know the price as a way to increase interest, there’s been no such publication from Binance or Vertex Ventures.
However, Vertex Ventures China released a statement via managing partner Choon Chong Tay, which expressed admiration of CZ, adding that he “is one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem.”
Joo Hock Chua, who is a managing partner for Vertex Ventures Southeast Asia & India, also released a statement, which said,
“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.”
Based on the most recent reports, Binance Singapore is planned for launch within the next few months. At the time of this article, CoinMarketCap showed that Binance Coin is trading at $9.81 per BNB with a market cap of $1,283,312,496 and is up by 0.89% in the last 24 hours.