The new exchange will enable the buying and selling of cryptocurrencies in Singapore Dollars (SGB), within a growing crypto market. Singapore’s tempered regulatory environment and central position in Southeast Asian finance has lead to a flourishing economy of blockchain companies and users.
Preceded by a soft launch, Binance Singapore had seen an average of 20-percent user growth per week since April.
“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner,” said Changpeng “CZ” Zhao, CEO of Binance, referring to Vertex Ventures China and Vertex Ventures Southeast Asia and India, part of a 30-year-old group of venture capital funds.
Vertex initially made a strategic investment in Binance in 2018 with the explicit goal of developing a crypto exchange in the city-state. The total amount invested was not disclosed.
The Vertex partnership will also help establish a fiat-to-crypto gateway to “set the stage beyond the island,” according to the statement.
Another partnership with a local fintech startup, Xfers, ensures Binance has the lowest trading fees of any Singaporean exchange. Xfers helps manage transaction volume and customer onboarding.
Deposits and withdrawals are implemented through the transfer system Singapore FAST, or, Fast and Secure Transfers.
Though hundreds of cryptos are available on the original platform, Binance Singapore will launch with only three assets – bitcoin, ethereum, and binance coin. The company alluded to the introduction of additional assets, once market growth, compliance, and security are assured.
Recently, Binance has been extending services and features including the planned introduction of stablecoins as well as a bitcoin-pegged token on its own blockchain. The company will also launch 20x leverage crypto futures.
Photo of CZ via CoinDesk archives