Binance, which is touted as the largest cryptocurrency exchange by trading volume, has just launched a Singapore unit, the third such operation in its ecosystem, with its online platform (binance.sg) that will allow purchase and sale of cryptocurrencies with Singapore dollars (SGB).
The new exchange will enable the buying and selling of cryptocurrencies within a growing crypto market. Singapore’s tempered regulatory environment and central position in Southeast Asian finance has lead to a flourishing economy of blockchain companies and users.
Soft-launched in April,Binance Singapore provides round-the-clock Singapore-dollar deposit and withdrawal functionality, using the FAST electronic funds transfer system.
Currently, Binance Singapore allows local users to buy Bitcoin, Ethereum and Binance Coin. Other cryptocurrencies will be added in future, Binance said. The Singapore platform is Binance’s third fiat-to-crypto platform globally – it already has one for the Euro and British Pound, and another for the Ugandan Shilling.
In order to expand this just-launched Singapore blockchain ecosystem, Binance has also collaborated with its strategic investors — Vertex Ventures China and Vertex Ventures South-east Asia & India, a part of a worldwide group of venture capital funds whose parent firm is Temasek Holdings. Both venture funds jointly invested an undisclosed sum in Binance in October last year.
Vertex has recently raised $230 million in the first close of its fourth Southeast Asian fund to back technology startups across the region.
At the same time, Binance had also launched its own blockchain “Binance Chain mainnet” and Binance Coin (BNB) as the main cryptocurrency of Binance Chain