Singapore Government Investment Company Vertex Ventures Invests In Binance

The government of Singapore has once again reaffirmed its confidence in cryptocurrency investments. Vertex Ventures has invested a substantial amount of money in Binance attests to the government’s positive stance on crypto assets. Vertex Ventures is a subsidiary of Temasek Holdings, a government-owned Investment Company.

The investment is part of a joint venture between Vertex Ventures China and Vertex Ventures South East Asia. The two are to help the cryptocurrency exchange come up with a cryptocurrency-fiat exchange. The new exchange which will target customers in Singapore will also target other crypto-fiat services across the region.

The investment comes months after Binance announced plans to diversify its offering in the burgeoning sector.  A crypto-fiat exchange will thus go a long way in helping the firm target customers that until now remain on the fence.  Such an exchange would also make it easy for people to exchange fiat for cryptocurrencies and vice versa as well.

A crypto-fiat exchange will also help Binance expand its footprint in Southeast Asia, a key market for growth.  According to CEO, Wei Zhou, they intend to work with all stakeholders in Singapore as part of an effort to build a robust blockchain ecosystem.

Singapore and the greater Southeast Asia is not the only one that Binance is targeting as part of its expansion drive. The crypto exchange has already set sights on the African continent. The firm has already unveiled a fiat-crypto exchange in Uganda as it tries to keep up with the growing demand for such services.

“We are extremely proud to launch our first fiat-crypto exchange in Uganda officially. This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa, and we look forward to bringing more innovations to the region,” said Mr. Zhou.

Improving customer experience is also top on the agenda as Binance seeks to be the preferred crypto exchange for the masses. The firm has already partnered with research firm Chainalysis as it looks to strengthen its ability to detect suspicious transactions.

Chainalysis will help the exchange track the origin of each transaction with its real-time monitoring tools. Being the world’s largest crypto exchange, Binance is under immense scrutiny from regulators. Some characters use cryptocurrencies for money laundering has left the exchange with no option but to be strict on customer regulation.