Binance launches crypto-to-SGD platform, partners 2 Vertex funds in Asia

"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," he said in the press release.

"We are dedicated to jointly provide a strong infrastructure that sustains the highest level of security and compliance. At the same time, we are enthusiastic about carrying on the current momentum that is a testament to the sophisticated technology of Binance," said Chua Kee Lock, managing partner for Vertex Ventures South-east Asia and India, in the release.

"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," Mr Chua added. Currently based in Malta, Binance was originally founded in 2017 in Hong Kong, but moved out of China following the Chinese government's crackdown on cryptocurrencies. It has since risen to become one of the largest crypto exchanges in the world. Mr Zhao told Bloomberg in July 2018 that the company was expecting a net profit of between US$500 million and US$1 billion for the full year.

Like many crypto players, however, Binance has faced challenges on the regulatory and security fronts. In March 2018, Japanese authorities warned Binance for operating without registration. In May this year, hackers stole US$40 million worth of Bitcoin from Binance.

Source: News Formal (newsformal.com)

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