Binance's Southeast Expansion Helped by Investments from Singapore

One of the largest cryptocurrency platforms, Binance, is actively expanding in Southeast Asia. The exchange's ambitions are supported by a major investment from Temasek Vertex to help grow the company.

According to representatives of the venture capital company Vertex, investments in the cryptocurrency platform will help speed up the development of the Singapore exchange. According to Bloomberg, Binance's funding is a joint venture between Vertex Ventures China and Vertex Ventures Southeast Asia & India. The investment amount has not yet been disclosed.

Government-owned Temasek Holdings is a limited partner of Vertex, but Temasek was not directly involved in the financing, according to the information. Vertex is the oldest venture capital firm in Singapore, and this investment is another institutional injection into the growing Asian cryptocurrency market.

In a blog post, Binance said:

Vertex Ventures' investment, which backs promising startups around the world, is a testament to the enormous potential of Binance Singapore. Traditional institutional investors have been very active in recent months, and supporting one of the largest investors in the region is a significant achievement for us.

The platform is expected to launch before the end of this year and will allow users to buy cryptocurrency using the Singapore dollar. Binance branches in Malta or Hong Kong currently only offer crypto-to-crypto trading with Bitcoin or stablecoins. In some countries, it is difficult to open a fiat-to-crypto exchange as they require compliance with additional AML/KYC laws, which is why some governments, like China and India, have banned them altogether.

According to atimes.com