Binance Secures New Funding From Vertex Ventures

Oct 23, 2018 at 01:59 UTC
Updated Oct 23, 2018 at 19:22 UTC

Correction: This article has been corrected to note that Temasek Holdings did not play a role in the investment, as was initially reported. Vertex Ventures is a limited partner with Temasek. 

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.

Binance image via Primakov / Shutterstock

US Treasury Secretary Mnuchin Is ‘Not Comfortable’ With Facebook’s Libra

| Nikhilesh De

In a press conference Monday, Mnuchin voiced the Trump administration's concerns with Facebook's Libra and cryptocurrencies like bitcoin.

Set Protocol Launches Ethereum Trading Strategy Bots

| Daniel Kuhn

The ETH 20 Day Moving Average Set acts as a "tokenized trading bot," said Felix Feng, Set Protocol CEO.

What to Expect When Congress Grills Facebook on Cryptocurrency

| Nikhilesh De

The Congressional hearings on Facebook's Libra are likely to focus more on the company's privacy failings than broad crypto policy questions.

New York Grants Bitlicense to Institutional Crypto Exchange Seed CX

| Nikhilesh De

NYDFS has granted two BitLicenses to subsidiaries of Seed CX, allowing the company to offer crypto services to financial firms.

Samsung Teams With Banks, Telcos for Mobile ID Network Based on Blockchain

| Daniel Palmer

Tech giant Samsung Electronics is joining six other major South Korean firms to develop a blockchain-based certificate and ID authentication network.

The leader in blockchain news, 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.