Hong Kong-based crypto exchange Binance will get funding from Singapore's state investment fund.
According to the news reports, the strategic investments will come from Vertex Ventures, the venture branch of state-run Temasek Holdings. The new investor targets launch of new JV trading platform in Singapore jurisdiction.
The key piece of the cooperation is crypto-fiat platform Binance Singapore. However, it is reported that two other crypto-fiat exchanges can be launched in SE Asia.
For reference, Binance CEO unveiled plans about a platform in Singapore last month.
In this context, Temasek Holdings' businesses – Vertex Ventures China and Vertex Ventures Southeast Asia & India – jointly invested into Binance willing to assist in launching the new exchange in the region. At the same time, the companies did not comment on the amount of the investment.
As the report reads, Vertex Ventures China representative stated that they were glad to cooperate with Binance, especially with Changpeng Zhao "one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem," as the media cited.
The investors are looking forward to the start of joint development of innovative technologies and set up reliable and compliant exchange in Singapore.