Binance, the biggest crypto exchange, has announced that Binance Singapore will go live this month. The Singapore fiat-to-crypto exchange would service $SGD. The firm did not reveal the precise date that the exchange would launch.
— Binance (@binance) April 4, 2019
According to a Medium post, Binance said that it had joined hands with Vertex Ventures in this deal. Vertex Ventures is a top capital network backed by big companies such as Temasek Holdings. It specializes in health and IT funding. Binance’s CEO, Changpeng Zhao, said they had started the beta testing for Binance Singapore in September last year.
The investment by Vertex Ventures showed Binance’s potential. It also provided a lot of chances for both firms to work together in the future.
Binance and Vertex Ventures chose to open an exchange in Singapore because its government has a positive attitude towards the blockchain. The Southeast Asia region, in which Singapore is located also has fast economic growth rates. Binance also revealed plans of expanding into other countries in the region.
According to the exchange, this partnership aims to bring the freedom of money in Southeast Asia.
Other Countries in Which Binance Has Set Up
Last month, Binance opened a crypto platform that allows Australians to buy Bitcoin from high-street stores using fiat currencies. The exchange named the platform Binance Lite Australia. The project provides its services through more than 1,300 newsagents in the country. Binance Lite Australia supports Bitcoin only. However, the company said that it would add more coins and fiat options in the future. Per Changpeng Zhao, the platform would encourage the mass adoption of digital currencies.
Binance teamed up with Liechtenstein Cryptoassets Exchange (LCX) to create Binance LCX, a fiat-to-crypto exchange. This project went live in August 2018. Binance LCX offers trading between Swiss Francs (CHF) and Euros (EUR) against digital currencies such as Bitcoin, Ethereum, and Ripple.
Earlier this year, Binance opened a fiat-to-crypto in the island of Jersey. The exchange chose the country to target users in Europe and the UK. It allows traders to trade Bitcoin and Ethereum against the Great Britain Pound (GBP) and the Euro (EUR). Wei Zhou, the exchange’s CEO said,
Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector.
Binance announced that its fiat-to-crypto exchange in Uganda had opened on October 15, 2018. According to Changpeng Zhao, the exchange allows Ugandans to deposit and withdraw funds in Ugandan shillings. The exchange allows trading Bitcoin and Ethereum against the Ugandan shilling. However, it aims to add more trading pairs.
Do you think Binance Singapore will encourage the adoption of cryptocurrencies in Southeast Asia? Let us know in the comments section below.