Binance Asia Services, the Singapore branch of the top exchange, recently expanded its footprint in the region. The platform announced investing in the Hg exchange, a private local securities exchange, acquiring an 18% money stake. The aim behind the investment is to collaborate with HGX and enhance its product portfolio.
Richard Teng, the Chief Executive Officer of Binance Singapore, talked about the latest investment. Richard talked about how financial offering in crypto-assets and the traditional form are converging. A post-fund evaluation is the business’s worth that also comprises the outside investment, added Richard.
Binance’s 18% money stake in HGX will expose the firm to regional regulated market operations. HGX, backed by PrimePartners Group and PhillipCapital, owns a licensed to trade tokenized assets and shares in private companies.
Binance Asia ranks among the top organizations in the region and is seeking a license from Singapore’s Monetary Authority to run a crypto exchange.
PhillipCapital, one of HGX’s supporters, runs one of the biggest brokerage firms in the region. It manages over 35 billion dollars worth of customers’ assets. Similarly, PrimePartners is also a city-state-based firm focused on capital markets and finance management.
Fundnel, another HGX stakeholder, is an investment platform for fund raisings and trading private company shares. Binance stated that the HGX acquisition is still subject to regulatory requirements.
Teng, who was chairman of HGX before taking the leadership of Binance Asia in August, stated that Binance Singapore would continue to work directly with important government bodies to assist the expansion of the blockchain ecosystem.
Binance stated that the acquisition is subject to regulatory approval.
As Binance Singapore continues its operations with local government authorities to back the growth of the blockchain network. Established in 2017, Binance Holdings Limited is yet to set up a worldwide base. However, Zhao has integrated firms in regions where Binance runs, where the executive has operated for two years. Binance has chosen a location for its global headquarters, which it will reveal once Zheng meets with regulators.