SINGAPORE (Reuters) – Vertex Ventures, backed by Singapore state fund Temasek [TEM.UL], has invested in Binance, one of the world’s biggest cryptocurrency exchanges, as it prepares to expand operations into the city-state, the firms said on Tuesday.
In a joint statement, the firms said the investment – the amount of which was undisclosed – will help Binance build and launch by year-end an exchange in Singapore for swapping between hard currencies and digital currencies.
The investment by Vertex Ventures China and Vertex Ventures Southeast Asia & India funds will also help Binance launch other exchanges and services throughout Southeast Asia.
Singapore aims to become a hub for financial technology and innovation in Asia even if some policymakers have warned about the risks of speculative investments in cryptocurrencies.
Hong Kong-based Binance was warned by Japan’s financial watchdog in March for operating without registration.
Reporting by Aradhana Aravindan; Editing by John Geddie and Sunil Nair