At the same time, the launch of Binance Singapore was also announced with the aim of expanding in the region.
Recognized as one of the leading international financial centres, Singapore has begun to play a significant role in the blockchain industry and is often seen as a gateway to Southeast Asia, a rapidly developing region with significant potential for the development and adoption of DLT.
Vertex Ventures funding network will support Binance in developing a Singapore-based crypto to fiat exchange, as well as other gateways across Southeast Asia.
Announced in September by Binance CEO Changpeng Zhao, the project aims to have a Singapore-based fiat to crypto exchange by the end of this year.
“Changpeng Zhao is one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem. He represents the new generation of China-originated entrepreneurs building products for the world, “explained Choon Chong Tay of Vertex Ventures China.
“Binance has a relentless focus on developing platforms with strong technology, the highest levels of security and an absolute focus on customer service. We look forward to working with Changpeng Zhao and his team to drive innovation in the space while building a sustainable and compliant platform in Singapore,” said Joo Hock Chua, Managing Partner of Vertex Ventures.
Wei Zhou, Binance CFO, explained: “Vertex Ventures is the leading early-stage venture investment fund with deep roots in Singapore and Southeast Asia. Vertex has an experienced team of investment experts in the region and a strong track record of supporting innovative startups that address real world, practical issues. 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“.