The platform, which launched similar ventures earlier this year in Jersey and Uganda, will allow Singapore residents or Singapore citizens based overseas, to buy a number of cryptocurrencies with Singapore Dollars.
This includes Bitcoin, Ethereum, and Binance Coin, with the addition of further cryptocurrencies in the coming months.
Deposit and Withdraw Funds at the Click of a Button
One of the biggest pain-points for cryptocurrency traders looking to enter the market is an inability to deposit and withdraw funds with real-world cash. If a platform doesn’t offer such a service, then users are required to make a purchase elsewhere, and then transfer the tokens across to their preferred exchange.
The Binance Singapore launch means that locals will now be able to fund their Binance account 24 hours a day via their bank account. The technology is linked up with Singapore FAST – a local bank-to-bank payment system that facilitates ultra-fast transfers.
Unlike a traditional SEPA or SWIFT transfer, Singapore FAST payments do exactly what it says on the tin – deposit and withdrawals are virtually instant. Before Singapore users will be able to use the Binance fiat currency facility, they will first need to verify their identity.
This is the industry standard in the cryptocurrency space when fiat currency is involved. Binance Jersey and Binance Uganda both require users to upload a copy of their government-issued ID, as well as a proof of address. As such, it is highly likely that Singapore Binance will demand the same.
Once users have completed the fast verification process, they can then proceed to make near-instant deposits and withdrawals, 24 hours per day.
Ongoing Partnerships Allow Binance to Enter Local Markets
Entering a new cryptocurrency market is no easy feat, especially when you consider the relationships that need to be formed with banks, regulators, and third-party payment facilitators. Taking this into account, Binance entered the Singapore venture with a number of key partners that know the Singapore market well
For example, in order to facilitate important matters such as scaling large transaction volumes and customer onboarding, Binance teamed up with Xfers – a local FinTech startup.
Binance also teamed up with Venture Capital organization Vertex Ventures, a company that specializes in backing high-growth companies in Asia. On top of having a strong foothold in Singapore, Vertex also has a presence in Indonesia, India, and Thailand.
Binance CEO Changpeng Zhao (CZ) expressed his delight at working with a partner with unraveled knowledge of the Singapore market. CZ noted that “Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions.”
Interest in Crypto is Growing in Singapore
Binance Singapore actually launched in April this year on a crypto-to-crypto basis. Just three months in, the platform is already seeing a 20% weekly increase in user acquisition.
Now that users are able to fund their accounts with Singapore Dollars, it’s likely that growth will increase at an even higher rate.
An ever-growing interest in cryptocurrencies and blockchain technology is not only being displayed by the Singapore people, but the government appears to be warming to the idea, too. It was announced just this week that the government was thinking about scrapping goods and service tax from cryptocurrency transactions.