Vertex Ventures, which is backed by Singapore government-owned Temasek Holdings, has made an investment in Binance. The purpose of the investment is to develop a fiat to cryptocurrency exchange in Singapore, which is a project that Binance had already revealed previously. According to an official press release, “other fiat-crypto gateways and services throughout Southeast Asia” are also in the works for Binance. The size of the investment was not disclosed by the two parties. Bloomberg says that Vertex is the oldest venture capital firm in Southeast Asia.

Joo Hock Chua, managing partner at Vertex Ventures Southeast Asia & India, commented:

''Binance has a relentless focus on developing platforms with strong technology, the highest levels of security and an absolute focus on customer service. 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."

Binance continues to expand its operations with blistering pace, as they are also in the process of launching a cryptocurrency exchange in Uganda, are partnering with LCX to develop a fiat to crypto exchange in Liechtenstein, and running the Blockchain Charity Foundation.

It is not too surprising to see Binance ramping up its activity in Singapore, as the city-state is one of the world’s premier destinations for cryptocurrency and blockchain companies. Projects such as Zilliqa, Aelf and Kyber Network are all based in Singapore.