Binance partners Vertex Ventures to set up fiat-to-crypto platform

Photo from Binance's Facebook page.

Binance, the world’s largest digital-asset exchange, has announced that it is partnering with Temasek-backed Vertex Ventures to establish Binance Singapore, their first fiat-to-crypto gateway in Southeast Asia, according to a press release.

Binance Singapore’s fiat-to-crypto platform will enable buying and selling of cryptocurrencies using Singapore dollars.

Binance has additional plans to grow the Singapore blockchain ecosystem with investment partners Vertex Ventures China as well as Vertex Ventures Southeast Asia and India.

The platform claims to provide real-time, 24/7 SGD deposit and withdrawal functionality via the Singapore FAST (Fast and Secure Transfers) electronic funds transfer system. Since its soft-launch in April, the platform has seen user growth of about 20 per cent per week with a rapid ramp-up in trading volume.

Binance and Vertex are expanding the blockchain ecosystem in Singapore and exploring additional avenues that will drive growth in the country.

“We are dedicated to jointly provide a strong infrastructure that sustains the highest level of security and compliance. At the same time we are enthusiastic about carrying on the current momentum that is a testament to the sophisticated technology of Binance,” said Chua Kee Lock, Managing Partner for Vertex Ventures Southeast Asia and India.

“There is much more to come from this partnership,” he added.