Official launch of the Binance crypto-fiat project in Singapore
This Wednesday Binance Cryptocurrency Exchange officially launched its new trading platform in Singapore.
The Exchange will allow buying and selling cryptocurrencies using the Singapore dollar. Operating in restricted access mode, Binance Singapore has increased its user base by an average of 20% every week since April.
"We are flattered by the positive market reaction that Binance Singapore has so far caused. To a large extent, this is the merit of our strategic investment partner," said Binance CEO Chungpen Zhao, referring to Vertex Ventures.
Initially, Vertex provided strategic financing to Binance in 2018 to support its entry into the Singapore market. According to the publication, the cooperation with Vertex will also allow to expand the opportunities of crypto-phytate trading of the new exchange outside Singapore.
Deposits and withdrawals to Binance Singapore are made with the help of Singapore's FAST money transfer system.
During the launch phase, Binance Singapore will support three assets: Bitcoin, Ethereum and BNB. As the local market develops, the company expects to expand the list of represented cryptocurrencies.
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