Binance Receives Funding From Government-Backed Vertex Ventures in Singapore

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KYRENIA, CYPRUS - SEPTEMBER 21, 2018 Binance mobile app on running on smartphone. Binance is a leading cryptocurrency exchange founded by Changpeng Zhao in august 2017. Source: shutterstock.com

The venture capital arm of Temasek Holdings, Vertex Ventures, announced an investment in the largest cryptocurrency exchange in the world — Binance. The amount of the investment is unknown, but the government-backed firm suggests that it would be dedicated to building a fiat-to-crypto exchange in Singapore.

State Investment Firm’s Interests

Singapore’s state investment firm is keen on cryptocurrencies, helping Binance create a platform where digital coins can be traded for Singapore dollars. Vertex is one of the oldest venture capital firms in Southeast Asia. Its foray into the crypto market, which is still in its nascent stages of development, suggests a strong positive stance on the future of digital coins.

The funding is a joint investment between Vertex Ventures China and Vertex Ventures Southeast Asia & India. According to a statement, it will also focus on supporting other fiat-to-crypto platforms and services in the Southeast Asian region.

Vertex is a subsidiary of government-owned investment company Temasek Holdings, which manages assets worth over $223 billion. Its portfolio extends to China and India, as well as to Israel and the US. Vertex holds $2.5 billion under management.

Another Win for Binance

Binance, which primarily facilitates crypto-to-crypto trades, is now moving into the fiat-to-crypto territory. With Singapore’s rising interest in this sector, despite warnings by some policymakers, it is evident that the city-state would go on to become a hub for crypto activities in Asia.

The one-year-old crypto exchange Binance has already started a fiat-to-crypto exchange in Uganda, where investors can transfer Ugandan shillings and trade. With the new Singaporean exchange, it will allow trades for cryptocurrencies in Singaporean dollars. The cryptocurrency market is slowly expanding and maturing, allowing entities from outside of the core community to invest and experiment.

Several top names from the mainstream finance business are now interested in digital currencies. Galaxy Digital Ventures recently invested in cryptocurrency custodian start-up BitGo Holdings Inc., along with Goldman Sachs Group. Fidelity Investments also announced the establishment of a new company that would provide cryptocurrency custodial services. These steps are helping institutional investors take a second look at the crypto market and find secure and trusted ways to invest.

Binance Receives Funding From Government-Backed Vertex Ventures in Singapore was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.