Vertex Ventures said to back Binance to support Singapore expansion

Vertex Ventures has reportedly invested into cryptocurrency exchange Binance to support its expansion in the company.

The firm, which is a subsidiary of Singapore sovereign wealth fund Temasek, completed the strategic investment to establish a crypto exchange in the company, according to various articles in the media. Vertex Ventures China and Vertex Ventures Southeast Asia and India made the deal in conjunction with one another.

This investment is allegedly helping Binance to build a fiat-cryptocurrency exchange in Singapore and will aid the growth of other cryptocurrency services across Asia, the articles state.

Binance is cryptocurrency exchange supports the trade of a selection of different digital tokens including Bitcoin, Ethereum and Litecoin. The company is expecting to reach $1bn in revenue for 2018, according to the company.

Earlier in the year, Binance launched a $1bn fund to invest into blockchain and cryptocurrency technology startups. The company is looking to deploy this capital pool across 10 phases which will deploy $100m each.

The company has been fairly active with investing from the fund. Earlier in the month it injected $2.5m into cryptocurrency payments app TravelbyBit.

Vertex Ventures has backed a number of companies this year, with a deal earlier in the month to student payment solution Get. The app, which is currently live in Australia, Hong Kong and Singapore, helps university students ease payment collection for societies.

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