Vertex Ventures invests in global cryptocurrency exchange Binance

Binance CEO Zhao Changpeng. Photographer: Akio Kon/Bloomberg

Singapore-based venture capital firm Vertex Ventures is investing in Binance, one of the world’s largest cryptocurrency exchanges.

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.

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.

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.