Binance establishes a fiat-to-crypto exchange in Singapore in partnership with Vertex
|- The new exchange is launched in partnership with Vertex.
- Binance SG is the third fiat-to-crypto trading platform opened by Binance.
Binance, the world's largest cryptocurrency exchange by average trading volumes, has launched a fiat-to-crypto exchange platform in Singapore. The platform was soft-launched in April 2019 and the number of users has been growing of about 20% per week along with a rapid increase in trading volumes, according to the press release, published on the official website of the company.
Binance SG has become the third exchange started by the Malta-based company. The other two platforms are located in Jersey and Uganda.
The Singaporean exchange is launched in partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India ("Vertex"). The companies will focus on expanding the blockchain ecosystem in the region.
"We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner," said CZ (Changpeng Zhao), CEO of Binance.
Binance SG users will be able to buy and sell Bitcoins (BTC), Ethereum (ETH) and Binance Coins (BNB) against Singapore Dollar (SGD). However, the company plans to add new cryptocurrencies to the platform.
At this stage, the exchange aims to grow its market share and provide a unique product along with a high level of security.
"Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore's broader blockchain ecosystem," Changpeng Zhao added.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.