Vertex Ventures has announced investments in major cryptocurrency exchange Binance with the purpose of business development trading platform on the market Singapore.
Vertex Ventures is a subsidiary of investment company Temasek Holdings, owned by the government of Singapore and manages assets of more than $220 billion. Vertex Ventures was created in 2015 to manage investments in the United States, China, Israel, India and South-East Asia. At the moment the company is focused on initial investment and manages a portfolio of $2.5 billion.
It is reported that the financing should help to create Binance in Singapore cryptocurrency exchange, which will also work with Fiat currencies. In addition, the company will provide cryptocurrency and financial services in other countries of South-East Asia.
“We look forward to the opportunity to work with Campana Zhao (Changpeng Zhao) and his team on the introduction of innovations in the industry, and on creating a robust platform that will meet the requirements of the regulators,” said Joe hock Chua (Chua Joo Hock), managing partner, Vertex Ventures Southeast Asia & India.
At the moment Binance busy on the compliance of their business processes with regulatory requirements of Singapore in relation to compliance with the procedures user identification (KYC) rules and anti-money laundering (AML).
“We are very excited to create a blockchain ecosystem and the chance to work with all stakeholders in order to promote FINTECH innovation,” said Finance Director Binance Wei Zhou (Zhou Wei).