Singapore's Vertex Ventures Makes Binance Investment for Fiat to Crypto Exchange

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,232FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Second Half of 3-Yr Bull Market: Ether’s Crazy Run has 90% of its Supply in Profit

This past weekend, the price of Ether went past $400 to as high as about $420, a level last seen in July 2018. This...

Teenage Mastermind Behind the Twitter Hack Owns $3.39 Million in Bitcoin (300 BTC); Bail Set At $725k

The 17-year old Twitter-hack mastermind holds over $3 million in BTC value with only $725,000 set for bail. In a bizarre moment last month, Twitter...

Bitcoin (BTC) Jumped to $100,000 on Binance Futures

There have been several predictions that see Bitcoin hitting a six-digit figure. On Sunday, this became a reality, very briefly, thanks to an algorithm. Bitcoin...

Flash Crash Caused Serious Network Congestion for ETH, ETC, And ERC 20 Tokens on Coinbase

On August 1, the Ethereum's blockchain faced a spike in network transaction fees, causing a backlog in transfers across several exchanges. Coinbase and Binance,...

Bitcoin’s Wild Weekend Reminiscent of 2017 Bull Rally, ‘Higher Highs Ahead in 2020'

This past weekend, bitcoin had a rough time as the largest cryptocurrency made its way past $12,000 to $12,112 in trading just after midnight...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today