Place/Date: Singapore - July 10th, 2019 at 1:00 am UTC · 4 min read
Contact: Binance, Source: Binance
Global cryptocurrency exchange, Binance, announces the public launch of Binance Singapore (Binance.SG) – the fiat-to-crypto platform for the buying and selling of cryptocurrencies with Singapore Dollars (SGD). Binance has additional plans to grow the Singapore blockchain ecosystem with investment partners Vertex Ventures China as well as Vertex Ventures Southeast Asia and India (“Vertex”).
Binance Singapore services Singapore citizens and residents for trading of selected initial cryptocurrency pairs. The platform provides real-time, 24/7 SGD deposit and withdrawal functionality via the Singapore FAST (Fast and Secure Transfers) electronic funds transfer system. Since its soft-launch in April, the platform has seen user growth of about 20 percent per week with rapid ramp up in trading volume.
Local users can buy Bitcoin, Ethereum and Binance Coin in Singapore using this service. In the future, there will be other cryptocurrencies added to the platform as the team focuses on growing market share and providing a differentiated product while also ensuring continued security and compliance.
CZ (Changpeng Zhao), CEO of Binance, said:
“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner. Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore’s broader blockchain ecosystem.”
Binance and Vertex are expanding the blockchain ecosystem in Singapore and exploring additional avenues that will drive growth in the country. Establishing the new fiat gateway within the progressive and innovative regulations of Singapore is the fundamental first-step to building an increasingly robust, compliant and scalable presence in the region.
Chua Kee Lock, Managing Partner for Vertex Ventures Southeast Asia and India, said:
“We are dedicated to jointly provide a strong infrastructure that sustains the highest level of security and compliance. At the same time we are enthusiastic about carrying on the current momentum that is a testament to the sophisticated technology of Binance. There is much more to come from this partnership. We look forward to working closely with Binance as we are strongly positioned to lower barriers to entry for cryptocurrencies, while maintaining world-class security measures that are industry-leading.”
Singapore has attracted a number of cryptocurrency and blockchain companies. This has been put down to its progressive regulatory environment and its status as a financial center in Southeast Asia. Binance and Vertex also hope to help set the stage for other establishments in this key region that uphold rigorous KYC/AML policies and pioneering legislation.
Binance Singapore currently charges the lowest trading, deposit and withdrawal fees in the Singapore market. This is all made possible with its core technology and also by its local payment partner and platform, Xfers, a Singapore fintech startup that scaled to support the platform’s large volume of transactions together with an integrated account onboarding process.
Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. Binance Exchange is the leading global cryptocurrency exchange by trading volume, with users from over 180 countries and regions.
The Binance ecosystem is also comprised of Binance Labs (venture capital arm and incubator), Binance DEX (decentralized exchange feature developed on top of its native, community-driven blockchain software system, Binance Chain), Binance Launchpad (token sale platform), Binance Academy (educational portal), Binance Research (market analysis), Binance Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability) and Trust Wallet (its official multi-coin wallet and dApps browser).
Vertex Ventures is a global network of operator-investors who manage portfolios in the U.S., China, Israel, India and Southeast Asia. The firm is a trusted partner to some of the world’s most innovative entrepreneurs, supporting them with unmatched operating experience and deep access to the capital, talent, partners and customers they need to build truly global businesses.
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