Vertex Ventures invests in crypto exchange Binance

Vertex Ventures, the venture capital arm of Temasek Holdings, has made an undisclosed investment in Binance to develop a fiat-to-cryptocurrency exchange in Singapore.

Vertex Ventures China Managing Partner Choon Chong Tay, says Binance CEO and Founder Changpeng Zhao, aka CZ, “is one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem.”

“We look forward to working with Changpeng Zhao and his team to drive innovation in the space while building a sustainable and compliant platform in Singapore,” comments Joo Hock Chua, Vertex Ventures Southeast Asia & India’s Managing Partner.

Fighting his corner

There’s far more manipulation in traditional currency and stock markets than there is in the cryptocurrency space, according to CZ.

His recent comments appeared to be in response to statements by New York State’s Attorney General Barbara Underwood that cryptocurrency exchanges are susceptible to market manipulation. She directly pointed her finger at Binance, Kraken and Gate.io, whom she said could be facilitating operations classified as illegal in her state.

CZ countered that traditional markets have many public investment tools that are only traded in a single place. He added that there are significant market players who maintain close ties with media and insiders, creating a space ripe for manipulation.

“There is more manipulation in traditional markets, where most instruments only trade on one market, with big market makers, who have close ties with insiders and media,” he said in a tweet.

He went on to say that cryptocurrencies are traded across multiple markets, making them more difficult to manipulate.