Binance receives investments from Singapore state-run fund

Posted 23 October, 2018

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.

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23 October, 2018 13:47

← Yen stronger seeing better demand for protective assets

The yen has got stronger on the back of better demand for safety assets fueled by the political risks observed in the world now. The American currency has trimmed gains vs the majors. On Tuesday, the US Dollar index decreased to some 95.60. The US dollar-to-yen exchange rate decreased to 112.34. For reference, the Japanese currency enjoys stronger demand during the period of political or financial instability in the world. The euro also weakened vs the yen reaching 128.95.  At the same time, it went up against the greenback – the exchange rate stands at $1.1482.  The sterling also gained grounds the US dollar to 1.2985.  At the same time, the rate dropped by almost 1% yesterday affected by the Brexit fears.

Yen stronger seeing better demand for protective assets

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23 October, 2018 11:15

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