On Monday morning, the CEO of Binance made a positive announcement to the crypto community. According to Bloomberg, the Vertex Ventures fund has invested in the world’s biggest trading platform.
Vertex Ventures funds Binance expansion to Singapore
At the start of September, Changpeng Zhao publicly stated the launch of a closed beta-testing of the Singapore-located crypto-to-fiat exchange for a narrow circle of investors. Back then numerous questions from ordinary crypto investors about the first fiat-trading platform of Binance.
Now, it turns out that Binance has received funds from Vertex Ventures, a spring-off of Temasek Holdings, owned by the Singaporean government.
Singapore will be one of the hubs in Asia. https://t.co/2TMF6mCpII— CZ Binance (@cz_binance) October 23, 2018
Special interest in Binance in Singapore
The reps of Vertex Ventures that reportedly manages around $1.5 bln in assets have publicly shared that the company is particularly interested in Binance establishing its branch in Singapore. This is the third go the startup has had at setting up a fiat trading crypto platform in their country.
Institutional investors attracted by crypto
The details of the Binance investment remain undisclosed. However, it seems clear that the financial assistance of Vertex has encouraged Binance to spread their markets into new countries. The funding itself was made by the Chinese and Southeast Asia and Indian branches of Vertex. The startup seems interested in spreading crypto trade around the Asian region and they have, apparently, chosen Binance to do that for them.
This seems to be an evidence that even despite the bearish market conventional financial organizations can be attracted by profits that the crypto industry can offer.