The investment fund owned by the Government of Singapore is funding Binance, the world’s largest cryptocurrency exchange, toward its expansion in the city-state.
Vertex Ventures, a subsidiary of Singapore’s sovereign wealth fund Temasek Holdings, has announced ‘a strategic investment in Binance’ that will see the two entities jointly establish Binance Singapore in the country.
The funding will enable Binance in building a fiat-crypto exchange in Singapore and support its expansion for ‘other fiat-crypto gateways and services throughout Southeast Asia,’ the venture fund said on Tuesday.
Specifically, the investment is a joint effort between Vertex Ventures China and Vertex Ventures Southeast Asia & India. The venture capital arm of Temasek Holdings – Singapore’s sovereign wealth fund which owns and manages a net portfolio of over $300 billion – Vertex Ventures is a global network of operator-investors who manage portfolios in the U.S., China, India, Israel, and Southeast Asia.
As reported by CCN in September, Binance chief executive Changpeng Zhao – commonly referred to as CZ – announced the beta launch of Binance’s expansion to Singapore with a fiat-crypto exchange locally.
‘Changpeng Zhao is one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem,” remarked Vertex Ventures China managing partner Choon Chong Tay. “He represents the new generation of China-originated entrepreneurs building products for the world.”
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,” added Joo Hock Chua, Managing Partner at Vertex Ventures Southeast Asia & India.
Details of the investment in figures have not been revealed.
Featured image from Shutterstock.
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