Binance and Vertex Ventures set up fiat-to-crypto platform
It will provide real-time, 24/7 SGD deposit and withdrawal functionality via the Singapore FAST electronic funds transfer system.
Global cryptocurrency exchange Binance has partnered with Vertex Ventures to establish Binance Singapore (Binance.SG), its first fiat-to-crypto platform for the buying and selling of cryptocurrencies with Singapore dollars, an announcement revealed.
Binance has additional plans to grow the Singapore blockchain ecosystem with investment partners Vertex Ventures China as well as Vertex Ventures Southeast Asia and India.
Binance Singapore will serve Singapore citizens and residents for trading of selected initial cryptocurrency pairs. The platform provides real-time, 24/7 SGD deposit and withdrawal functionality via the Singapore fast and secure transfers (FAST) electronic funds transfer system.
Since its soft-launch in April, the platform has reportedly seen user growth of about 20% per week with rapid ramp up in trading volume, Binance noted.
According to the announcement, local users can buy Bitcoin, Ethereum and Binance Coin in Singapore using this service. In the future, other cryptocurrencies will be added to the platform.
Binance and Vertex also noted plans to help set the stage for other establishments in the region that uphold rigorous KYC/AML policies and legislation.