The amount of the investment was undisclosed. The funding has been a joint operation between Vertex Ventures China and Vertex Ventures Southeast Asia & India.
Vertex is the venture capital arm of Temasek Holdings Pte, focused on the investments in the areas of IT and healthcare through its global family of direct investment venture funds. The company manages around $1.5 billion worth of assets in their portfolio.
Temasek Holdings PTE is a Singapore-based hedge fund that oversees a portfolio of more than 308 billions Singapore dollars, according to their website. The fund has an “AAA/Aaa” by rating agencies S&P Global Ratings and Moody’s Investors Service respectively.
Temasek didn’t play a role in the transaction according to Minh Do, a spokesman for Vertex. Bloomberg reported last year about Vertex completing $210 million fundraising to target early stages investments.
According to the joint statement published today, investment will focus on support of the fiat-to-crypto gateways and services throughout Southeast Asia. According to Bloomberg, Binance plans to allow its users to swap their cryptocurrencies into the Singaporean dollar.
Moreover, the investment will also help Binance launch other exchanges and services throughout Southeast Asia.
Binance is the fastest-growing exchange for trading cryptocurrencies, as well as the world’s absolute leader in daily traded volume, according to Coinmarketcap.
Vertex investment is another evidence that big players are leaping further into the blockchain and cryptocurrency world. Last week, Newconomy reported on the Goldman Sachs/Mike Novogratz joint investment of $15 million in cryptocurrency custodian BitGo Holdings while Goldman Sachs and Google participated in the Series B funding of the blockchain payments startup called Veem.