Cryptocurrency exchange Binance said on Wednesday morning that it has launched in Singapore.
Binance SG will allow users to buy and sell cryptocurrencies with Singapore dollars (SGD). This is the third fiat-to-crypto exchange that Binance has set up, with the other two located in Jersey and Uganda.
The new exchange was soft-launched in April of this year, and Binance said on Wednesday that the number of users has been steadily increasing since then.
Traders can access Bitcoin, Ethereum and Binance Coin on the new exchange but there are plans to add more cryptocurrencies in the near future.
Singaporean residents and citizens will be able to deposit and withdraw on the new platform 24 hours a day. The exchange is using Singapore’s Fast and Secure Transfers system – a payments network that allows users to transfer SGD between Singaporean bank accounts almost instantly.
Growing Binance in Singapore
In a statement, Binance highlighted the role that venture capital firm Vertex played in helping it launch its newest subsidiary. The cryptocurrency exchange added that the investment group would be helping it in its efforts to “grow the Singapore blockchain ecosystem.”
The firm elaborated slightly on that cryptic statement, saying that it is “exploring additional avenues” for the blockchain industry in the city-state.
“We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner,” said Binance CEO Changpeng Zhao.
“Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore’s broader blockchain ecosystem.”