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 asubsidiary of Singapore-based government-ownedinvestmentTemasek Holdings,that manages $223 Bln in assets.The corporatewasfoundedback in year 2015 asa world-widenetwork of operator-investors,whomanage portfolioswithinU.S., China, Israel,IndiaandSoutheast Asia.The corporatefocuses on early-stage investments andpresentlyhas around $2.5 Blnunderneathmanagement.
According tothe press release, the investmentis ajoint effort between Vertex Ventures China and Vertex VenturesSoutheast AsiaandIndia, and aims to support Binance in developing a cryptocurrency-fiat exchange in Singapore,besideothercrypto-fiat services throughout South Asia. Binanceinitially proclaimedits plansto createa crypto-fiat exchange in Singapore earlier inSept.
Commenting on Binance’s plansto interruptinto the Southeast Asian market, Binance CFO ‘Wei Zhou,’ said that the exchange “look[s] forwardin building together the blockchainsystemand working with all stakeholders in Singapore to supportcontinuedinnovationwithin thenativefintechecosystem.” Binance’s operations in Singaporearesubjected to Know-Your-Customer [KYC] and anti-moneylaundering[AML] compliance.
Earlier this month, Binancedeclaredthe launch of its fiat-to-crypto exchange inUganda.Wei said that the company’s1stfiat-to-crypto exchangewithin thecountrycanfacilitatein maintainingsustainableeconomic stability inAfrica, noting thatthe corporateplans to bring “more innovations to the region.”
This month, Binanceadditionallypartnered with crypto compliancesupplierandanalysisfirm Chainalysisso as to boostits detection of suspicious transactions. Chainalysisis expected tosupposedlyeasethe processof KYC and AML compliance programs throughthe employmentofreal timeobservationsto tracetheprovenanceof eachdealings createdon Binance’s platform.
However, at the reporting time, Binance’s trading volume is up by around 40%.