Vertex-backed crypto exchange Binance invests $3m in Koi Trading

Photo from Binance's Facebook page.

Binance, the world’s largest cryptocurrency exchange by traded value, has invested $3 million in Koi Trading, a cryptocurrency over-the-counter (OTC) trading company based in San Francisco.

In a statement, Binance said the investment was made through its investment and incubator arm, Binance Labs, and aligns with its broader vision of “building the infrastructure that provides freedom of value exchange globally”.

Based in San Francisco with satellite offices in Hong Kong, and Europe, Koi Trading offers a “reliable, efficient, and compliant” OTC pathway for institutions and high net-worth individuals to engage with cryptocurrency. It also provides support services such as quantitative research, data science, and compliance consulting services.

Koi seeks to further penetrate the China and US markets, despite the broad-based ban on centralised cryptocurrency trading in the country. In China alone, the company said OTC trading has a daily volume of at least Rmb150 million ($21.6 million).

“We are thrilled that Binance Labs recognizes our team’s unique ability to deliver this vision; we cannot wait to build a reliable and professional brand around the globe in partnership with Binance Labs,” said Koi Trading founder and CEO Hao Chen.

Regulators from China to the US have been cracking down on cryptocurrency exchanges since last year, making it difficult for venues like Binance to find a permanent base. The company had an office in Japan and was trying to get a license to operate there, but decided to remove its staff to avoid a clash with local regulators.

Binance Labs, the incubation program of Binance that seeks to support top early-stage teams and help them jumpstart their best ideas, focuses on projects in public chain, decentralized exchanges, derivatives investment, token trading platform, and mobile wallet and payment.

Specifically, Binance Labs incubates, invests, and empowers blockchain and cryptocurrency entrepreneurs, projects, and communities.

It led a $30-million round of fundraising for MobileCoin, a new privacy-centred cryptocurrency, in April. It has also previously backed smart contracts verification platform Certik.

Also Read:

Vertex Ventures invests in global cryptocurrency exchange Binance

Crypto exchange Binance invests $2.5m in payments platform TravelbyBit

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.