The Vertex Ventures network, global group of venture funds has invested in the world's largest cryptocurrency exchange.
The Vertex Ventures network, a 30-year-old group of venture capital funds, have made a strategic investment in Binance and will work with the exchange to set up a new branch in the city-state, they announced Tuesday.
The centerpiece of the plan is the creation of Binance Singapore, a fiat-to-crypto exchange, as well as other fiat-crypto services in Southeast Asia, according to press statements. Binance CEO and founder Changpeng Zhao, better known as CZ, first announced that the exchange would be expanding to Singapore last month.
Vertex Ventures China and Vertex Ventures Southeast Asia & India, two of the fund's branches, co-invested in the exchange to bring about the new transaction platforms. The total amount invested was not disclosed.
In a statement, Vertex Ventures China managing partner Choon Chong Tay praised CZ, saying he "is one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem."
"We look forward to working with Changpeng Zhao and his team to drive innovation in the space while building a sustainable and compliant platform in Singapore," Joo Hock Chua, Vertex Ventures Southeast Asia & India's managing partner, said in a statement.
Binance Singapore should be running within months, CZ told CoinDesk in September.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.