In line with a recent announcement revealed by the Vertex Venture, it has announced its investment within the largest cryptocurrency exchange Binance to facilitate its enlargement into Singapore. It’s a subsidiary of Singapore-based government-owned investment Temasek Holdings, that manages $223 Bln in assets. The corporate was founded back in year 2015 as a world-wide network of operator-investors, who manage portfolios within U.S., China, Israel, India and Southeast Asia. The corporate focuses on early-stage investments and presently has around $2.5 Bln underneath management.
According to the press release, the investment is a joint effort between Vertex Ventures China and Vertex Ventures Southeast Asia and India, and aims to support Binance in developing a cryptocurrency-fiat exchange in Singapore, beside other crypto-fiat services throughout South Asia. Binance initially proclaimed its plans to create a crypto-fiat exchange in Singapore earlier in Sept.
Commenting on Binance’s plans to interrupt into the Southeast Asian market, Binance CFO ‘Wei Zhou,’ said that the exchange “look[s] forward in building together the blockchain system and working with all stakeholders in Singapore to support continued innovation within the native fintech ecosystem.” Binance’s operations in Singapore are subjected to Know-Your-Customer [KYC] and anti-money laundering [AML] compliance.
Earlier this month, Binance declared the launch of its fiat-to-crypto exchange in Uganda. Wei said that the company’s 1st fiat-to-crypto exchange within the country can facilitate in maintaining sustainable economic stability in Africa, noting that the corporate plans to bring “more innovations to the region.”
This month, Binance additionally partnered with crypto compliance supplier and analysis firm Chainalysis so as to boost its detection of suspicious transactions. Chainalysis is expected to supposedly ease the process of KYC and AML compliance programs through the employment of real time observations to trace the provenance of each dealings created on Binance’s platform.
However, at the reporting time, Binance’s trading volume is up by around 40%.