Binance Gets Funding From Temasek’s Vertex to Expand in Singapore

Binance Gets Funding From Temasek’s Vertex to Expand in Singapore

cryptocurrency exchange News
October 23, 2018 by Sandra Onyeiwu
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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
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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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