Venture Fund Vertex Ventures, which is managed by the Government of Singapore, made a multi-million dollar investment in crypto exchange Binance. The opening of an office of the top exchange in Singapore was the condition for funding.
Binance Singapore will provide its services throughout Southeast Asia. BS company will exchange fiat currencies for cryptocurrencies and vice versa. Users will be able to receive other related services. This is very positive news for the entire cryptocurrency market.
Choon Chong Tay, managing partner of Vertex Ventures China has said that Changpeng Zhao is the most respected blockchain entrepreneur. Interestingly, he hasn’t noted Zhao’s achievements in the field of profitability. Probably, the blockchain technology itself is still a more attractive target for investment than the cryptocurrency based on it.
This is not the only major investment in Binance. On October 18, 2018, the creator of Tron (TRX) cryptocurrency, Justin Sun, reported on cooperation with the exchange. $3 million was invested in the development of Binance. At this rate, the exchange may well become one of the largest enterprises in the world.
By the way, Binance has recently delisted several cryptos.
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