Binance has announced its partnership with Vertex Ventures to provide a fiat-to-crypto exchange service through Binance Singapore, according to a report by e27.
Binance revealed that its new platform will utilize the Singapore FAST electronic funds transfer system in order to offer deposit and withdrawal services in Singapore dollars around the clock.
Meanwhile, customers can use SGD to purchase cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), as well as other tokens that will be made available in the future.
After the soft launch of Binance Singapore in April 2019, the platform has seen 20% more users each week.
Binance also announced its partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India, as part of its goal to expand into the blockchain ecosystem in Singapore.
Changpeng Zhao, CEO of Binance, said the firm aims to further collaborate with stakeholders for sustained growth in the blockchain space.
“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,” Zhao said.
The company disclosed that it is also working with Xfers, a local payment platform, to ensure smooth transactions. Binance Singapore claims that its trading, deposit, and withdrawal fees are lower than any other player in the market.
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