Vertex Ventures, the venture capital arm of Temasek Holdings Pte, said it made an investment in digital asset trading platform operator Binance to develop a fiat-to-cryptocurrency exchange in Singapore.
The amount of the investment by Singapore’s state investment firm wasn’t disclosed. Binance, one of the world’s biggest cryptocurrency exchanges, primarily handles trades between digital tokens. The funding, which is a joint investment between Vertex Ventures China and Vertex Ventures Southeast Asia & India, will also support other fiat-to-crypto gateways and services throughout Southeast Asia, according to a statement.
For Vertex, the oldest venture-capital firm in Southeast Asia, investing in the crypto-market is a nod to a relatively new industry that is starting to see institutional money slowly back projects. Goldman Sachs Group Inc. and billionaire Bitcoin-champion Mike Novogratz’s Galaxy Digital Ventures recently invested in BitGo Holdings Inc., a cryptocurrency custodian startup.
(Image source: Facebook/Binance)