Money

Singapore's Vertex Fund Invests In Binance Crypto Exchange

The oldest venture capital firm in and around Singapore just made a major investment in Binance, which calls itself the “world’s largest crypto-currency [exchange] by daily trade volume”.

Vertex Ventures made the investment as a joint investment between its Vertex Ventures China and Vertex Ventures Southeast Asia & India. The amount of the investment was not disclosed.

Vertex itself is partly owned by Temasek Holdings, a Singaporean holding company partly owned by the Singapore government. According to insiders, Temasek is only a limited partner in Vertex and did not have a direct role in the investment decision.

According to Vertex, the intent of the investment was to speed development of a fiat to crypto exchange platform in Singapore. Now that Vertex is a part owner of Binance, that should accelerate. Those close to the company say the fiat to crypto exchange will be launched before 2018 year-end, and that it will allow those in the exchange to purchase crypto-currencies using the Singapore dollar.

In response to the investment, Binance stated in a blog post that, “The investment by Vertex Ventures, which has backed numerous successful startups in the world, is a testament to the huge potential of Binance Singapore. Traditional institutional players have been increasingly active in blockchain opportunities in recent months, and this backing from one of the leading investors in Asia is a significant milestone for the region.”