When Binance CEO Changpeng Zhao expanded the presence of his exchange to Singapore, little did he know that his growth plans will be thwarted in the middle by a hack. But that happened, and Binance Singapore couldn’t get any major feature or coin updates in next two months. However, that is changing today after a full-fledged launch of Binance Singapore. With this development, Binance is now having operations with physical presence in 3 countries: Malta, Liechtenstein and Singapore!
The new platform will allow users to buy and sell cryptocurrencies using Singaporean Dollars (SGB) in one of the best cryptocurrency markets. Singapore’s relaxed stance on crypto regulations and favorable position in the finance industry of Southeast Asia provides best environment for growth of blockchain and crypto space, and that’s precisely what CZ has identified early on. He had done the soft launch of platform back in April itself, and since then Binance Singapore has grown at a rate of 20% per week.
The exchange has been launched in partnership with Vertex Ventures. There are two arms of Vertex Ventures invested in this exchange: Vertex China and Vertex Ventures Southeast Asia and India. Referring to their contribution in the launch of exchange CZ said:
“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner. The Vertex partnership will also help establish a fiat-to-crypto gateway to “set the stage beyond the island.
Two other partnerships have also been done by the company to ensure a smooth functioning of the exchange. They’ve partnered with local fintech startup Xfers for customer onboarding and management of transaction volume. Xfers also helps them offer lowest transaction fees in the country. Deposits and transfer of funds, on the other hand, are managed by Singapore’s Fast And Secure Transfers, commonly known as Singapore FAST.
The platform has currently launched with only 3 assets: Bitcoin, Ethereum and Binance Coin. Binance has promised of more assets in the coming days once compliance, market growth and security related matters are managed even better than today.