Singapore’s sovereign wealth fund is investing in the world’s largest cryptocurrency exchange by way of its venture wing.

Vertex Ventures, the venture capital arm of Temasek Holdings – which is operated by the government of Singapore – has made a strategic investment in Binance and will work with the exchange to set up a new branch in the city-state, the fund announced Tuesday.

The centerpiece of the plan is the creation of Binance Singapore, a fiat-to-crypto exchange, as well as other fiat-crypto services in Southeast Asia, according to press statements. Binance CEO and founder Changpeng Zhao, better known as CZ, first announced that the exchange would be expanding to Singapore last month.

Continue Reading on CoinDesk

Like this: Like Loading...