Binance, one of the biggest cryptocurrency exchange firms, has just announced its expansion to Singapore with the launch of Binance Singapore (Binance SG). The new platform is created in collaboration with Vertex Ventures and will support Fiat-to-Crypto trading using Singapore dollars (SGD).
Binance SG was initially tested with a soft-launch earlier in April and since then, the platform has recorded a 20% increase in weekly customer growth along with significant daily trading volumes. Using Singapore FAST (Fast and Secure Transfers), Binance SG will afford residents in the country, speedy trading with a few cryptocurrency pairs in this early stage.
For now, users can only buy and sell Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) with Binance SG. The announcement promises that in the near future, a few other popular cryptocurrency pairs will be added to the platform. The team wants to ensure everything regarding security and compliance is top-notch before seeking out an increase in market share.
Furthermore, Binance plans to do a lot for the blockchain and crypto eco-system currently available in Singapore and will execute this in partnership with Vertex Ventures, a global network of operator-investors who manage portfolios in several countries including the US, China, Israel, India and Southeast Asia. Binance is collaborating specifically with Vertex Ventures China and Vertex Ventures Southeast Asia and India.
Speaking on this collaboration as well as the plans for the Singapore market, Binance CEO, Changpeng Zhao (CZ), has expressed gratitude for the work done so far and also some excitement regarding the future of the firm.
According to CZ:
“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner. Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore’s broader blockchain ecosystem.”
Apart from Binance SG, the partnership between both firms has the growth of the blockchain ecosystem at its forefront and hopes to do a lot to improve on this.
Managing partner for Vertex Ventures Southeast Asia and India, Chua Kee Lock has also expressed optimism in the ability of the partnership to break new grounds. According to him:
“There is much more to come from this partnership. We look forward to working closely with Binance as we are strongly positioned to lower barriers to entry for cryptocurrencies, while maintaining world-class security measures that are industry-leading.”
The atmosphere in Singapore, especially regarding regulation, is very conducive for the growth of cryptocurrency and blockchain technology and this has attracted more than a few related startups.
The conducive atmosphere has also made things easier for Binance SG as it’s currently the cheapest platform in Singapore for trading, deposits and withdrawals. Binance SG is now the third Binance platform with Fiat-to-Crypto after Binance Uganda (UGX) and Binance Jersey (EUR, GBP).