BY CNA Team - October 23, 2018
Vertex Ventures invests in Binance Singapore exchange
Vertex Ventures, a global VC firm with a presence in Silicon Valley, Israel and Asia, is making an investment into Binance to develop a fiat-to-cryptocurrency exchange in the country.
Vertex Ventures counts Temasek, Singapore’s state investment firm, as one of its main LPs.
The investment into Binance is to develop a fiat-to-cryptocurrency exchange in Singapore.
The move is in line with Singapore’s increasing interest in positioning itself to become a global hub for blockchain and crypto ventures.
The investment amount was not disclosed.
The funding, which is a joint investment between Vertex Ventures China and Vertex Ventures Southeast Asia & India, is meant to “support Binance in building a fiat-crypto exchange in Singapore, as well as other fiat-crypto gateways and services throughout Southeast Asia,” the statement issued by Vertex says.
On whether Vertex has been actively investing into blockchain and cryptocurrency projects, an official tells CryptoNewsAsia: “Across the Vertex family of 6 funds, we have not yet made deliberate investments into the space that are explicitly to crypto/blockchain, although deals are forthcoming. Note that M17 has also done projects in crypto, but that was after our investment in the company.”
Binance is one of the world’s biggest cryptocurrency exchanges, that primarily caters to trading between different cryptocurrencies.
More recently it set its eyes on enabling fiat to crypto trades on its exchanges.
As explained in the press release, “Announced in September by CEO Changpeng Zhao (CZ), Binance plans to bring its fiat-crypto exchange in Singapore live by the end of this year. Singapore’s operations will undergo KYC/AML in strict accordance with local regulations.”
Earlier this month, Binance announced the launch of its fiat-to-crypto exchange in Uganda.
On the investment from Vertex into their Singapore exchange, Binance’s CFO Wei Zhou says: “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.”