BINANCE

Binance Asia Services takes strategic stake in Singapore-based Hg Exchange(HGX)

Main Takeaway:

  • Binance Asia Services introduced its post-money stake of 18% in Hg Exchange

  • HGX is Southeast Asia’s first member-driven personal securities trade, based by main monetary establishments PhillipCapital, PrimePartners, and Fundnel, and powered by Zilliqa’s high-performance blockchain

  • HGX was granted a Recognised Market Operator license by the Monetary Authority of Singapore earlier this yr

Binance Asia Services, the blockchain ecosystem and cryptocurrency supplier behind Binance. sg, at present introduced its post-money stake of 18% in Hg Exchange (HGX), topic to regulatory necessities. 

HGX is Southeast Asia’s first member-driven personal securities trade, based by main monetary establishments PhillipCapital, PrimePartners, and Fundnel, and powered by Zilliqa’s high-performance blockchain. Earlier this yr, HGX was granted a Recognised Market Operator license by the Monetary Authority of Singapore. In addition to shares in personal corporations, HGX is working to checklist different belongings together with wines, artwork and actual property.

Crypto and traditional financial offerings continue to converge. Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology,” mentioned Richard Teng, CEO of Binance Singapore. “We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore.”

Binance Asia Services continues to drive collaboration with native companions, authorities companies and expertise, to assist the sustainable progress of the blockchain ecosystem globally. 

Mr Teng added: “In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and development of requisite local talent needed.”

About Binance Singapore

Binance.SG is a fiat-to-cryptocurrency platform designed to fulfill the wants of Singapore customers who purchase and promote cryptocurrencies with Singapore Dollars (SGD). The platform provides real-time, 24/7 SGD deposit and withdrawal performance, together with a crucial deal with safety and regulatory compliance. Binance Singapore provides the bottom buying and selling, deposit, and withdrawal charges in the Singapore market, additional reducing the limitations to entry whereas encouraging native crypto adoption.  

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