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.

 

 

 

Singapore Reporter/s

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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.