Tanya Abrosimova
Independent Analyst
- 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.
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