Binance, the largest cryptocurrency exchange by trading volume, has launched the third operation in its ecosystem, this time in Singapore.
As reported by CoinDesk, the new syndicate will allow for the purchasing and selling of crypto in Singapore dollars (SGB) within an expanding market. Having been preceded by a soft launch, Binance Singapore has seen average user growth of 20% per week since April 2019.
Changpeng “CZ” Zhao, CEO of Binance, said the company was humbled by the positive market response so far to Binance Singapore, a response he largely attributed to its strategic investment partner, Vertex Ventures China and Vertex Ventures Southeast Asia and India.
Vertex’s made its first strategic investment in Binance in 2018 with the express aim of building a crypto exchange in Singapore. A statement said the Vertex partnership will also help establish a fiat-to-crypto gateway to “set the stage” beyond the city-state.
Another partnership with Xfers, a local fintech startup, ensures Binance has the lowest trading fees of any Singaporean exchange, while helping manage transaction volume and customer onboarding.
Despite the availability of hundreds of cryptos on the original platform, Binance Singapore will launch with just Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB). Nevertheless, the firm has alluded to the introduction of additional assets once market growth, compliance and security are assured.
Binance has also been extending services and features, such as the planned introduction of stablecoins and a Bitcoin-pegged token on its own blockchain network. Additionally, the exchange will launch 20x leverage crypto futures.
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