According to CoinMarketCap, the largest crypto exchange by trading volume, Binance, has launched a Singapore syndicate. This is the third operation in its ecosystem. New branch opened in Singapore by exchange giant Binance.
The buying and selling of cryptocurrencies in Singapore Dollars (SGB) will be enabled by the new exchange within a growing crypto market. Singapore’s tempered regulatory environment and central position in Southeast Asian finance developed a flourishing economy of blockchain companies and users.
Binance Singapore had seen an average of 20-percent user growth per week since April, after its soft launch.
Referring to Vertex Ventures China and Vertex Ventures Southeast Asia and India, part of a 30-year-old group of venture capital funds, CEO of Binance, Changpeng “CZ” Zhao, said: “We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner.”
Even though the total amount invested not disclosed, Vertex initially made strategic investment in Binance in 2018. The explicit goal of which was to develop a crypto exchange in the city-state.
New branch opened in Singapore by exchange giant Binance. According to the statement, a fiat-to-crypto gateway to “set the stage beyond the island,” will be established through the Vertex partnership.
Ensuring Binance has the lowest trading fees of any Singaporean exchange will be accomplished via another partnership with a local fin-tech startup, Xfers. Transaction volume and customer onboarding will be managed by Xfers.
Singapore FAST, or, Fast and Secure Transfers, is the transfer system through which deposits and withdrawals are implemented.
The only three assets Binance Singapore will launch with are bitcoin, ethereum, and binance coin. The company will introduce additional assets Once market growth, compliance, and security assured. Also, hundreds of cryptos are available on the original platform.
The company has plans to also launch 20x leverage crypto futures. Binance has recently been extending services and features. A couple of which is the planned introduction of stablecoins and a bitcoin-pegged token on its own blockchain.