Singapore: Government-Backed Investment Fund Is Funding Binance Towards Its Expansion

The world’s largest cryptocurrency exchange, Binance, is apparently getting another backup following its recent expansion in the city-state of Singapore. The new funding is a hot topic in today’s cryptocurrency news, mainly because it comes from an investment fund that is owned by the Government of Singapore.

Named Vertex Ventures, the fund is a subsidiary of Singapore’s sovereign wealth fund called Temasek Holdings. It recently announced the “strategic investment in Binance” that will see the two entities jointly establishing Binance Singapore within the city-state.

As a result, Binance will build a fiat-crypto exchange in the country and therefore support its expansion for “other fiat-crypto gateways and services throughout Southeast Asia,” as the fund revealed on Tuesday.

The venture capital arm is a joint effort between Vertex Ventures China and Vertex Ventures Southeast Asia & India, and a wealth fund which owns and manages a net portfolio of over $300 billion. This will make Vertex Ventures an official and global network of operator-investors who manage portfolios for the company in the US, China, India, Israel as well as Southeast Asia.

The managing partner of Vertex Ventures China, Choon Chong Tay, recently praised the founder of Binance, Changpeng Zhao (CZ), describing him as “one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem” and as a person that “represents the new generation of China-originated entrepreneurs building products for the world.”