Popular cryptocurrency exchange Binance has received an investment from government-owned holding company Temasek Holdings, with the hopes it will enable the launch of a cryptocurrency-to-fiat exchange desk in Singapore.
Vertex Ventures, the venture capital arm of Temasek Holdings, says the joint investment between Vertex Ventures China and Vertex Ventures Southeast Asia & India will also be used to support other similar fiat-to-crypto operations in Southeast Asia, reports Bloomberg.
The total amount of capital that was invested has not been disclosed.
Binance’s CEO Changpeng Zhao, or CZ, addressed this on Twitter, using the defense “more important than how much you raise, is who you raise it from.”
Zhao also used Twitter last month to share the first announcement of the company’s beta testing programme in Singapore.
A mixed bag
After launching just over one year ago, Binance has already racked up a number of controversies during its rapid expansion, having faced problems with authorities in Japan, Hong Kong and most recently New York.
The exchange also faced criticism over a lack of transparency regarding the costs of getting tokens listed on the platform. One CEO of a cryptocurrency project claimed that Binance had quoted him BTC 400 to get his token listed. Zhao denied that Binance would ever quote fees to a potential client in an email.
This triggered a change in policy for Binance, which now shares the costs of getting listed and donates this amount to charity.
In an effort to tap into the market in Africa, Binance recently began offering Bitcoin to fiat trading pairs in Uganda, saying it will be investing heavily in crypto infrastructure across the continent that is struggling with an inflation crisis.
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