SINGAPORE / ACCESSWIRE / October 23, 2018 / The Vertex Ventures network has announced a strategic investment in Binance and will jointly set up Binance Singapore to expand into the region.
Recognized as a leading international financial center, Singapore has begun to play a significant role in the blockchain technology sector and is often seen as a gateway for Southeast Asia. Southeast Asia is a fast developing region with over 650 million population and has significant potential for the development and adoption of blockchain technology.
Funding from the Vertex Ventures network will support Binance in building a fiat-crypto exchange in Singapore, as well as other fiat-crypto gateways and services throughout Southeast Asia.
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 operations will undergo KYC/AML in strict accordance with local regulations.
The investment is a joint effort between Vertex Ventures China and Vertex Ventures Southeast Asia & India. ''Changpeng Zhao is one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem. He represents the new generation of China-originated entrepreneurs building products for the world,'' said Choon Chong Tay, Managing Partner at Vertex Ventures China.
''Binance has a relentless focus on developing platforms with strong technology, the highest levels of security and an absolute focus on customer service. 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,'' said Joo Hock Chua, Managing Partner at Vertex Ventures Southeast Asia & India.
''Vertex Ventures, which partners closely with Temasek Holdings, is the leading early-stage venture investment fund with deep roots in Singapore and Southeast Asia. Vertex has an experienced team of investment experts in the region and a strong track record of supporting innovative startups that address real world, practical issues. 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,'' said Wei Zhou, CFO at Binance.
Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info, Academy,
Trust Wallet, and Blockchain Charity Foundation (BCF). Binance Exchange is one of the fastest and most popular cryptocurrency exchange platforms in the world, capable of processing over 1.4 million orders per second. The platform focuses on security, robustness, and execution speed - attracting enthusiasts and professional traders alike.
About Vertex Ventures
Vertex Ventures is a global network of operator-investors who manage portfolios in the U.S., China, Israel, India and Southeast Asia. The firm is a trusted partner to some of the world's most innovative entrepreneurs, supporting them with unmatched operating experience and deep access to the capital, talent, partners and customers they need to build truly global businesses.
Leah Li [email protected]
For Vertex Ventures:
Minh Do [email protected]
SOURCE: Binance PR