Vertex Ventures has recently announced an investment in the main cryptocurrency exchange Binance to enable its development into Singapore, according to a press release. Vertex Ventures is a secondary of Singapore-based government-owned investment company Temasek Holdings, which accomplishes $223 billion in assets.
The firm was founded in 2015 as a worldwide network of operator-investors, who accomplish portfolios in the U.S., China, Israel, India and Southeast Asia. The firm concentrates on early-stage investments and presently has around $2.5 billion under organization.
According to the release, the speculation is a joint effort between Vertex Ventures China, Vertex Ventures Southeast Asia and India and intends to support Binance in emerging as a cryptocurrency exchange in Singapore, along with other crypto-fiat services through South Asia. Binance originally announced its plans to shape a crypto-fiat exchange in Singapore in September.
Binance is a year-old corporation that has had run-ins with authorities in Japan, Hong Kong and most lately New York, plans to let the users swap cryptocurrencies into the Singaporean dollar.
In the month of September 2018, Binance announced the launch of its cryptocurrency exchange in Uganda. The company’s first fiat-to-crypto exchange in the country will help continue the sustainable economic constancy in Africa, noting that the firm plans to bring “more innovations to the region”, as noted on Bloomberg.
As more recognized names in the monetary business bound to further be present in the market, questions about market constancy and directive indecision remains stable. Bitcoin has lost 67 percent of its value since its late December high at almost $20,000.
About Vertex Ventures
Vertex Ventures invests in high-growth start-ups looking for their first round of recognized venture capital funding across Asia with a single-mindedness on Singapore, India, Indonesia, Thailand and other developing hubs of innovation in this region. As per Vertex Ventures website, the firm is dedicated to remaining investing in its portfolio for follow-on rounds.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]