Singapore’s Sovereign Fund invests in Binance
Singapore state fund Temasek is investing in Binance, one of the world’s biggest cryptocurrency exchanges, to launch an exchange in Singapore for swapping between hard currencies and digital currencies.
Vertex Ventures – the venture capital arm of Temasek Holdings that is operated by the government of Singapore – will also help Binance launch other exchanges and services throughout Southeast Asia.
The total amount invested was not disclosed, but co-investors in the exchange are Vertex Ventures China and Vertex Ventures Southeast Asia & India.
Joo Hock Chua, Vertex Ventures Southeast Asia & India’s managing partner, said: “We look forward to working with Changpeng Zhao and his team to drive innovation in the space while building a sustainable and compliant platform in Singapore.”