Binance Singapore Gets Funding from Singapore Government's Venture Fund

The venture capital branch of an investment company owned by the Singaporean government has invested an undisclosed amount in Binance, currently the world's most popular cryptocurrency exchanges.

$223.5 billion in investments

Vertex Ventures is the oldest venture capital fund in Southeast Asia, according to Bloomberg. Its 'China' and 'Southeast Asia & India' branches were involved in the deal.

The purpose of this deal is to open Binance Singapore, an Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term which will handle both cryptocurrency and fiat currency.

Binance is originally from China but now has offices in multiple locations (including Liechtenstein, South Korea, Malta), and it handled $740 million worth of cryptocurrency trades in the last 24 hours, according to coinmarketcap.com. CEO Changpeng Zhao told CoinDesk last month at an event in Singapore that the company had made between $150 and $200 million in profit in the first quarter of 2018 (the variable amount the result of shifting cryptocurrency values).

Zhao first announced the Singapore venture at that same event.

Why Singapore?

Singapore is an attractive location because of its developed economy, strategic location, and low rates of tax. It does not consider cryptocurrency legal tender, and has no plans to do so, but is receptive to attracting foreign business in a more general sense.

It is the site of Bitbox, a cryptocurrency exchange opened by Line, a Japanese corporation, and last week the central bank indicated that it is willing to help Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term find bank accounts.

The investment company behind Vertex Ventures is Temasek Holdings, which is owned by the government of Singapore. Dating back to 1974, it invests in a variety of sectors and has offices in China, India, the UK, the US, Mexico and Brazil. According to its own performance review published in March 2018, its investment portfolio is worth $223.5 billion.

Its CEO, Ho Ching, is the wife of Lee Hsien Loong, who has been the Prime Minister of Singapore since 2004.