Temasek's Vertex Ventures invests in crypto exchange Binance

The investment is geared towards the development of a crypto exchange in Singapore.

Bloomberg reports that Temasek Holdings’ venture capital arm Vertex Ventures invested an undisclosed amount in digital asset trading platform operator Binance to develop a cryptocurrency exchange in Singapore.

Binance is one of the world’s largest cryptocurrency exchanges, primarily handling trades of digital tokens.

The funding is a joint investment between Vertex Ventures China and Vertex Ventures Southeast Asia & India and will support other fiat-to-crypto services in Southeast Asia.

Binance, which has had run-ins with authorities in Japan, Hong Kong and most recently New York, plans to allows users to swap cryptocurrencies into the Singaporean dollar.

Read the full report here.