One of the most famous crypto exchanges in the world, Binance, officially announced today that Binance Singapore trading platform will start trading on both, crypto and fiat currencies, and customers can use Singaporean dollars to purchase the cryptocurrency.
Binance Singapore Fiat-Crypto Exchange is backed by a new partnership
This new exchange project, called Binance Singapore, has begun with the support of a valuable partner. Accurately, the fiat-crypto platform will be handled with the support of the international venture capital network Vertex Ventures, especially the department focused on healthcare and information technologies, which includes the Chinese division and division of Southeast Asia and India.
Binance Singapore will allow Singapore residents to trade BTC, Binance Coin, and Ethereum using trading couples; BTC-SGD, ETH-SGD, and BNB-SGD.
In October last year, Binance gave a clear view of seeing Singapore as the best entry to Southeast Asia. This is a multicultural city-state that is technologically rapidly evolving and has demonstrated enormous support for the development of blockchain and technology of the distributed ledger. Binance Singapore, with the help of Vertex Ventures, is now able to submit its expertise in Southeast Asia, and as they say from the company – they hope their role in opening up new opportunities and spreading financial freedom across the region will be of paramount importance.
The first announcement was in mid-April
A few months ago, in April, the chief financial officer for the Binance, Wei Zhou, announced that the launch of a Singapore-based platform for buying and selling different currencies is expected. The new product, published as Binance Singapore Exchange, is described as a straightforward trading platform where users will be able to buy and sell Bitcoin with Singapore dollars. Initially, only Bitcoin is announced with plans to add other cryptocurrencies. It currently supports Bitcoin, Binance Coin, and Ethereum, but the idea is to add more in the future.
From April to the present day, the platform has experienced a weekly growth of users of around 20 percent with a rapid increase in trade volume.
Changping Zhao on Binance Singapore project and partnership with Vertex Venture
Executive Director and founder of Binance, known under the nickname C.Z. said that the company is proud because the new enthusiasm had a positive response from the market. Sampled that the success of Binance Singapore so far is thanks to their strategic investment partner. Vertex Ventures was in charge of engaging the Singapore community through her reliable work with local regulators and financial institutions.
On the other side of the partnership, Vertex’s managing partner for Southeast Asia and India, Chua Kee Lock said he expects much from the Binance Singapore partnership. He noted that he looks forward to closer cooperation and believes that together they will succeed in reducing the limits for the cryptocurrency industry while maintaining the unnecessary safety of the highest-class level in the world.