The exchange is a strategic move by Binance to build-out its fiat services as the service is currently best-suited for coin-to-coin trading
Binance, a blockchain company that runs one of the largest cryptocurrency exchanges, announced today it has raised investment from Vertex Ventures to open a crypto-to-fiat exchange in Singapore. The goal is to launch the exchange by the end of 2018.
The amount of money invested in the company was undisclosed. It was facilitated via the Vertex China, Vertex India and Vertex Southeast Asia offices.
Besides the exchange, Binance is also hoping to build other fiat-crypto gateways in Singapore. Gateways refer to tools that makes it easier for new people get into the crypto economy.
At the moment, Binance gets most of its business from crypto-to-crypto exchanges and the Singapore move is a clear decision to try and build-out its fiat services. Binance plans to allow customers to trade Singapore dollars to cryptos.
Binance is an extremely young company — about 14 months old — but has grown into a giant on the exchange market, with some reports saying the company facilitates US$1 billion a day in trade volume.
However, it has not been entirely smooth sailing for the company. The New York Attorney General accused the company of “operating unlawfully” in the US state. After a crypto crackdown in Hong Kong — the company’s birthplace — Binance has officially become a Malta-based company.
Binance does not call itself an exchange — rather referring to a ‘blockchain ecosystem’ which it says includes the exchange, labs, a launchpad, information, an academy service, a trust wallet, and the Blockchain Charity Foundation.
The Blockchain Charity Foundation wants to integrate blockchain technology into charitable donations.
“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, the CFO at Binance, in a statement.
Vertex is the venture capital arm of the Singapore sovereign wealth fund Temasek.
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