Binance has teamed up with Vertex Ventures to launch Binance Singapore. What does this mean for the partners and for Southeast Asia?
Amid the impending launch of Binance Uganda in Africa, Binance is setting its sights on another continent — Asia. To do it, Binance is accepting a strategic investment from Vertex Ventures, a leading venture capital network backed by LPs like Temasek Holdings.
Last September, during an event at Consensus Singapore, Binance CEO CZ mentioned that closed beta testing for Binance Singapore was in progress. Since then, development has ramped up, and with it came refined plans regarding what kind of exchange Binance Singapore will be — a fiat-to-crypto exchange that mainly caters to Singapore residents.
The investment by Vertex Ventures, which has backed numerous successful startups across the world, is a testament to the huge potential of Binance Singapore. Traditional institutional players have been increasingly active in blockchain opportunities in recent months, and this backing from one of the leading investors in Asia is a significant milestone for the region.
The partnership will also allow the duo to achieve more together. For example, Binance and Vertex Ventures will work together to explore and launch other fiat-crypto gateways and services throughout Southeast Asia.
Vertex Ventures — A Patron of Emerging and World-changing Technologies
Vertex Ventures is a global tech-focused venture capital network with divisions in Silicon Valley, Israel, China, and Southeast Asia & India. Vertex Ventures China and Vertex Ventures Southeast Asia & India are teaming up to support the launch of Binance Singapore. The venture capital firm’s history and pedigree are remarkable.
The two Vertex divisions working with Binance currently support 75 tech startups between them — 45 for the Chinese arm and 30 for the Southeast Asian arm. One of the most notable of these investments is Grab, the market-leading ride-hailing app in Southeast Asia that recently merged with Uber’s operations in the region.
We at Binance are pleased to have Vertex Ventures as a partner in our vision of spreading the freedom of money in Southeast Asia, one of the most dynamic regions in the world right now.
Singapore and the Southeast Asian Region — Emerging Blockchain Hub
Southeast Asia is a hotbed for significant growth. Over the past few years, the region registered some of the best economic growth rates in the world. This area of over 650 million people, mostly consisting of young people adept with the latest innovations, has significant potential for the development and adoption of blockchain technology.
For this region, there’s no better gateway to Southeast Asia than Singapore, the multicultural city-state that evolved from island port to global financial center in less than 50 years. The multicultural country, whose role as finance hub is fueled by significant innovation, has begun to play a significant role in the blockchain sector. From its businesses to the government, Singapore has shown tremendous support for blockchain and distributed ledger technology.
This is the backdrop in which Binance sees further expansion and growth. With the help of Vertex Ventures, we are excited to offer our expertise in Southeast Asia, hoping to play a strategic role in opening up more opportunities and spreading financial freedom throughout the region.