Government Owned Vertex Ventures Invests In Binance
Vertex Ventures, the investment fund owned by the Government of Singapore is funding Binance to enhance and facilitate its expansion in the country.
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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 establish Binance Singapore in the country.
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The venture fund on Tuesday said the funding will enable Binance in building a fiat-crypto exchange in Singapore and support its expansion for ‘other fiat-crypto gateways and services throughout Southeast Asia,’
The investment is a joint effort between Vertex Ventures China and Vertex Ventures Southeast Asia & India. The venture capital arm of Temasek Holdings – Singapore’s sovereign wealth fund which owns and manages a net portfolio of over $300 billion – Vertex Ventures is a global network of operator-investors who manage portfolios in the U.S., China, India, Israel, and Southeast Asia.
Remember that in September, Binance chief executive Changpeng Zhao announced the beta launch of Binance’s expansion to Singapore with a fiat-crypto exchange locally.
Vertex Ventures China managing partner Choon Chong Tay said “Changpeng Zhao is one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem, He represents the new generation of China-originated entrepreneurs building products for the world.”