Binance and Vertex Launch Fiat-to-Crypto Exchange in Singapore
Binance cryptocurrency exchange has announced the public launch of Binance Singapore, a fiat-to-crypto exchange that allows residents to buy and sell bitcoin (BTC), ether (ETH) and Binance coin (BNB) with Singapore dollars (SGD). Binance and Vertex Ventures China, as well as Vertex Ventures Southeast Asia and India, plan to collaboratively grow the Singapore blockchain industry, according to a blog post on July 10, 2019.
Binance Singapore Now Live
According to a blog post by the Binance team, the global cryptocurrency trading venue is now fully open to the people of Singapore, offering fiat-to-crypto trading with the Singapore dollar and vice versa.
Specifically, Binance Singapore now makes it possible for citizens and residents to trade supported cryptos including bitcoin ether and Binance coin, with more cryptoassets to be added as time goes on.
The platform also allows users to deposit or withdraw SGD in real-time, on a 24/7 basis via the Singapore Fast and Secure Transfers (FAST) electronic funds transfer system.
Binance claims its Singapore fiat on-ramp offers the most competitive fees on trading, deposits and withdrawals in the region, thanks to its core technology and local payment partners, Xfers, a fintech startup that claims to be focused on creating a trusted digital financial system in Southeast Asia.
The team says the platform has been gaining significant traction since its “soft launch” earlier in April, with an impressive 20 percent increase in new signups and trading volume every week.
Commenting on the public launch of Binance Singapore, CEO of Binance, Changpeng Zhao stated:
“We are humbled by the positive market response to Binance Singapore so far, which is largely due to our strategic investment partner. Vertex has been a significant force in our success, engaging the Singapore community through its trusted work with regulators and financial institutions.”
Expanding Singapore’s Blockchain Industry
Established in 1988, Vertex Ventures is a global network of venture capital funds with dedicated teams across China, Southeast and other regions.
With the strategic partnership with Binance, both teams plan to further develop the vibrant Singaporean blockchain ecosystem by exploring avenues that will drive growth, in accordance with local laws.
As reported by BTCManager earlier in July 2018, Binance announced the launch of its crypto-fiat trading platform in Uganda, to enable residents seamlessly buy or sell cryptos with their local currency.
With Binance Singapore now operational, the Binance ecosystem now has three fiat-to-crypto exchanges, including Binance Jersey.