On Wednesday, the leading cryptocurrency exchange Binance inaugurates its new business unit in Singapore. Users will be able to buy and sell cryptos via Singaporean Dollar.
The platform was launched back in April, though its features and operations were limited. Thanks to the favourable business environment (including regulatory requirements) in Singapore, the exchange has been boosting client base by 20% per week since the soft launch.
Seeing such great results, CEO Binance Changpeng Zhao expressed his impression from such a positive course of events in Singapore, adding that Vertex Ventures played a significant role in this process.
“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner,” said in press release Changpeng Zhao, CEO of Binance.
For reference, Binance received funding from Singapore's state fund back in October 2018. Vertex was a strategic partner which assisted in bringing the platform to Singapore. It was also stated that Binance would also be able to expand its footprint far beyond Singapore thanks to a partnership with Vertex.
“We are dedicated to jointly provide a strong infrastructure that sustains the highest level of security and compliance. At the same time we are enthusiastic about carrying on the current momentum that is a testament to the sophisticated technology of Binance,” commented Chua Kee Lock, Managing Partner for Vertex Ventures Southeast Asia and India.
Technically, Binance Singapore will apply Singapore's FAST system for money transfers.
According to the available information, the exchange will now support bitcoin, Ethereum and BNB with further expansion in line with the local market growth.