Binance platform gets new investment to develop its business

Binance platform gets new investment to develop its business

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Answer Binance platform gets new investment to develop its business

The investment fund owned by the government of “Singapore” will finance the “Binance” platform, the largest cryptocurrency exchange in the world, towards its expansion in the country’s cities.

Vertex Ventures, a subsidiary of Singapore’s sovereign wealth fund Temasek Holdings, has announced a “strategic investment in Binance” that will see the two entities jointly create Binance Singapore in the country.

The fund’s media official said Tuesday that the funding will enable Binance to build a crypto-exchange in Singapore and support expansion of “other portals and services across Southeast Asia.”

Specifically, the investment is a joint effort between China’s Vertex Ventures and Southeast Asia’s Vertex Ventures and India. The investment arm of Temasek Holdings – a Singapore-based sovereign wealth fund that owns and manages a net portfolio of over $300 billion – Vertex Ventures is a global network of investors-operators that manage portfolios in the United States, China, India, Israel and Southeast Asia. .

Read:A Bitcoin whale bid for 6,500 BTC on Binance contributed to the price volatility on the platform

As CCN news platform reported in September, Binance CEO Changping Zhao – commonly referred to as CZ – announced the launch of a beta (beta) for Binance’s expansion in Singapore by exchanging crypto tokens locally.

Changping Zhao is one of the most respected blockchain entrepreneurs with great inspiration for building and strengthening the blockchain ecosystem,” according to Chun Zhong Tai, managing partner of China’s Vertex Ventures. “It represents the new generation of Chinese entrepreneurs building products for the world.”

We look forward to working with Binance—the company’s CEO is Changping Zhao—and his team to drive industry innovation while building a sustainable, Singapore-compliant platform,” said Jo Hook Chua, managing partner at Vertex Ventures. In Southeast Asia and India.

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Investment details have not been disclosed yet.

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