International Business & Economy Temasek’s venture capital arm invests in Binance to develop cryptocurrency in Singapore

Temasek’s venture capital arm invests in Binance to develop cryptocurrency in Singapore




- Advertisement -

Temasek Holdings’ venture capital arm, Vertex Ventures, has invested in Binance for the purpose of developing a fiat-to-cryptocurrency exchange in Singapore. Binance is a digital asset trading platform operator.

Vertex Ventures recently made the news with its commitment to continue tech investments, especially to China.

Just how much Vertex Ventures has invested in Binance has not been revealed. But Binance, a company that primarily handles trades between digital tokens, is one of the largest cryptocurrency exchanges around the globe today.

The investment will be a joint initiative of Vertex Ventures Southeast Asia & India and Vertex Ventures China. A statement announcing the investment said that it is also aimed to support various other fiat-to-cryptocurrency gateways and services throughout the region of Southeast Asia.

- Advertisement -

Vertex is the oldest venture-capital company in the region, but making such an investment in the market of cryptocurrencies is a new undertaking for Vertex and an acknowledgment that the industry has continued to gain ground. The industry has begun to see an inflow money from established institutes such as Goldman Sachs, which, along with Galaxy Digital Ventures, has put funding intoBitGo Holdings, a cryptocurrency custodian start-up.

Billionaire Mike Novogratz from Galaxy Digital has long been a champion of cryptocurrencies, however.

Binance, established only a year ago, intends to allow its users to swap cryptocurrencies into Singaporean dollars. But the company has faced legal trouble in New York, Hong Kong, and Japan.

While more well-known financial institutions are investing in cryptocurrency, problems regarding regulation and market stability plague the industry. Bitcoin, which reached a high of nearly US$20,000 in December 2017, has lost nearly two-thirds of its value.Follow us on Social Media

Send in your scoops to 

- Advertisement -

Worst Covid-19 outbreak since 2020 a good reality check for S’pore: Experts

Singapore – The increasing number of Covid-19 community cases in Singapore serves as a reminder not to let one's guard down, say experts. The recent cases show that nobody can relax, not even for a moment, said Professor Teo Yik Ying, Dean...

Covid-19: Singapore tightens, India frightens

What do you think were the two biggest pandemic stories of the last week – and would continue to be in the weeks ahead? One is a worrying development that Singapore seems to have control over. Unfortunately, the second is a...

Singapore, Britain must not appear imperialist to China

With a large British naval force scheduled to pass through Singapore to enter the South China Sea in May, the British must deploy their naval force in a way that will not appear as imperialist posturing against China. If the Chinese...
Follow us on Social Media

Send in your scoops to