Th investment is aimed at enabling Binance to launch a cryptoexchange in Singapore by the end of 2018.
On Tuesday, Singapore state fund Temasek backed Vertex Ventures has invested in Binance – one of the world’s biggest cryptocurrency exchanges – as it prepares to expand operations into the city-state.
In a joint statement, the firms said the undisclosed investment will help Binance build and launch a cryptoexchange in Singapore by the end of this year. The exchange will help inter-swap between hard currencies and digital currencies.
The investment by Vertex Ventures China and Vertex Ventures Southeast Asia & India funds will also help Binance launch other exchanges and services throughout Southeast Asia.
Singapore aspires to be the hub for fintech and technological innovations in Asia; its delving deeper into cryptocurrencies despite the warnings from lawmakers about the risks from speculative investments in digital currencies.
Incidentally in March 2018, Hong Kong-based Binance had been warned by Japan’s financial watchdog for operating without a registration.