The renowned cryptocurrency exchange and trading platform, Binance, which is the biggest exchange by trading volume, is creating headlines again. The crypto exchange has reportedly collaborated with the popular South Asia-based venture capital, Vertex Ventures. Moreover, It is for investing to create Binance Singapore. This news comes amidst the launch of Binance’s step into Africa, by launching their Binance Uganda subsidiary.
Binance has been planning to expand to more and more continents to cover as many customers it could. Changpeng Zhao, popularly known as CZ, founded the exchange back in 2017, in China. Furthermore, he had to move it out of the country, to Japan, following the ban on cryptocurrencies. The ban was imposed by the Chinese Government. Moreover, the ban started in September 2017, when the exchange moved to Japan.
By the March of this year, Binance had moved to Taiwan, and gradually will move to Malta, due to strict regulations underway in the countries like China, Japan, and Taiwan. Binance had already become the biggest by trade volume crypto exchange. It’s native crypto token, BNB had acquired a market valuation of over $1+ billion.
More about Binance Singapore
It was clear from C Z’s announcement at the Consensus Singapore event back in September of this year, that Binance had started its work for its Singapore division. Furthermore, CZ also informed via a tweet that they have been doing the beta testing for the crypto exchange. The Singapore division of the crypto exchange will mainly focus on Singapore-based traders and investors to perform fiat to cryptocurrency trading.
Moreover, the crypto exchange is being backed by South Asia-based venture capitals Vertex Ventures. They have a rich portfolio of funding over 70+ startups. The Chinese and South Asian division of the venture capital will partner on creating the Singapore exchange.
In their official blog, the company stated: “Binance and Vertex Ventures will work together to explore and launch other fiat-crypto gateways and services throughout Southeast Asia.”
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