The cryptocurrency exchange platform giant Binance is collaborating with Southeast Asia’s venture capital giant Vertex Ventures to establish a fiat-to-crypto exchange service.
As per the press release of Accesswire published on October 23, the Vertex Ventures, in order to launch the platform, it declared a plan to collaborate with the firm Binance. As per Bloomberg, the details of the deal are not publicly disclosed. The Vertex Ventures China, Vertex Ventures Southeast Asia & India and as well as Binance are all part of the partnership.
The fiat-to-crypto exchange platform is to be launched before the end of this year. The venture capital giant, apart from Singapore, is planning to establish such platforms over the whole of Southeast Asia.
This investment is adding a boost to the growth of Binance into Singapore and other places by helping to advance the company’s drive in Singapore and other places.
The CFO of Binance said that Vertex has experience in the field of investment as they have investment experts, as well as a good record of lifting startups, involve innovation that helps to address practical issues. To support the innovation in the fintech space, they have the mission to build up the blockchain system and to coordinate with the stakeholders in Singapore.
For Vertex (an oldest venture capital giant) investment in the cryptocurrency market is opening a way to the new industry, making its way to see institutional money backing projects.
Mike Novogratz’s Galaxy Digital Ventures, the billionaire BTC Champion have also invested in a crypto custodian startup, BitGo Holdings Inc.
Binance, a firm founded in 2017, has major experiences with authorities in Hong Kong, Japan, and most freshly in New York. It helps users to swap their virtual currency into Singapore dollar.
As many popular names are popping up in the market, there are many questions arising about the uncertain regulations and the stability of the market. Since its late December high graph at $20,000, BTC has lost nearly 67% of its market value.