Binance Gets Funding From Temasek’s Vertex to Expand in Singapore
Vertex Ventures, the venture capital arm of Temasek Holdings Pte, has invested in Binance, one of the world’s biggest cryptocurrency exchanges, to develop a fiat-to-cryptocurrency exchange in Singapore as it prepares to expand operations into the city-state, the firms said on Tuesday (Oct 23).
The Singapore VC said it “will support Binance in building a fiat-crypto exchange in Singapore, as well as other fiat-crypto gateways and services throughout Southeast Asia.”
Vertex Ventures China and Vertex Ventures Southeast Asia & India, two of the fund’s branches, co-invested in the exchange to bring about the new transaction platforms. The total amount invested was not disclosed.
In a joint statement, the firms said the investment will help Binance build and launch by year-end an exchange in Singapore for swapping between hard currencies and digital currencies.
Binance’s choice of Singapore isn’t too surprising as the city-state is rated as the third most favorable country for initial coin offerings (ICO) as well as a hub for all kinds of crypto projects.
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