The Singaporean arm of the world’s largest cryptocurrency exchange has announced its public and introduction of a fiat-crypto gateway. Binance Singapore, which held a soft launch in April 2019, has joined forces with Vertex, enabling traders in the island city-state to buy and sell cryptocurrencies with Singapore dollars (SGD).
Binance Singapore has recorded weekly growth of 20% since its April launch and is now gearing up for more aggressive expansion. Having initially opened with just BTC listed, the platform has since introduced BNB and ETH, which are paired against the SGD with plans to add additional cryptocurrency pairs in the near future.
Via the Singapore FAST electronic funds transfer system, traders can deposit and withdraw funds 24/7, providing a direct gateway to the world of crypto assets. The move mirrors the strategy that Binance has deployed with subsidiaries Binance Jersey and Binance Uganda.
In a statement, Binance CEO CZ (Changpeng Zhao) said he was “humbled by the positive market response to Binance Singapore,” much of which he attributed to the efforts of strategic investment partner Vertex, describing the company as “a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions.” CZ also spoke warmly of Vertex’s “ability to sustainably grow Singapore’s broader blockchain ecosystem.”
Singapore serves as a gateway to the Asian crypto market thanks to its favorable regulatory climate and tech-savvy population. As such, it is seen as the jumping off point for companies seeking to expand into neighboring Southeast Asian territories. Through the support of partners Vertex Ventures China, together with Vertex’s Southeast Asia and Indian divisions, Binance aims to grow its Singapore crypto exchange business, and to attract a wider range of ecosystem participants, from investors to blockchain development companies. Binance has already invested heavily in startups throughout Asia through its Binance Labs incubator fund.
Singaporean cryptocurrency traders already have a wealth of platforms to choose from, but Binance is the largest company to have established a dedicated exchange targeted at the lucrative market. In addition to the significant weight of the Binance brand, traders are lured by the lowest trading, deposit and withdrawal fees in the region. Binance’s global expansion strategy has been geared around partnering with regional companies that can provide the introductions and expertise to ease its entry into new markets. In the US, it has joined forces with a FinCEN-approved partner, while in Singapore, fintech startup Xfers assists with customer onboarding and platform scaling and Vertex with security and compliance.
“There is much more to come from this partnership,” said Chua Kee Lock, Managing Partner for Vertex Ventures. “We look forward to working closely with Binance as we are strongly positioned to lower barriers to entry for cryptocurrencies, while maintaining world-class security measures that are industry-leading.” As a result of the newly established fiat-crypto payment gateway, Singapore residents and citizens can now deposit SGD and trade cryptocurrency on Binance Singapore around the clock.