According to a press statement, the funding will help develop a fiat-to-cryptocurrency exchange in Singapore and support other gateways across Southeast Asia. The funding is a joint investment between Vertex Ventures China and Vertex Ventures Southeast Asia and India. The size of the investment, however, was not disclosed.
Binance has plans to swap cryptocurrencies with the Singapore dollar. According to a September report by Coindesk, Binance Singapore will run within months.
The investment comes at a time when institutional players and regulators remain divided about the validity of cryptocurrencies and blockchain technology. According to a Bloomberg report, Binance has had previous conflicts with government authorities in Japan, Hong Kong and New York. Earlier this year, Binance also entered into a legal dispute with a unit of Sequoia Capital over valuations.
Meanwhile, the global crackdown on cryptocurrencies has been sending Binance on the move. In March, Binance announced that it was moving to Malta after it received a warning from Japanese regulators about its Japan home base.
Nonetheless, Binance continues to nurture very bold capital ambitions.
In June, the cryptocurrency exchange revealed plans to set up a $1-billion fund for blockchain projects called Binance Labs. The fund also set up its first incubator programme with a blockchain-based ride-hailing platform as its first project. The project boasts noteworthy names such as Chen Weixing, the founder of Chinese taxi-hailing app Kuaidi Dache, which was acquired by China’s ride-hailing giant Didi Chuxing in 2015.