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

2022-08-05

Main Takeaway:

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

  • HGX is Southeast Asia’s first member-driven private securities exchange, founded by leading financial institutions 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 year

Binance Asia Services, the blockchain ecosystem and cryptocurrency provider behind Binance. sg, today announced its post-money stake of 18% in Hg Exchange (HGX), subject to regulatory requirements. 

HGX is Southeast Asia’s first member-driven private securities exchange, founded by leading financial institutions PhillipCapital, PrimePartners, and Fundnel, and powered by Zilliqa’s high-performance blockchain. Earlier this year, HGX was granted a Recognised Market Operator license by the Monetary Authority of Singapore. In addition to shares in private companies, HGX is working to list alternative assets including wines, art and real estate.

“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,” said 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 local partners, government agencies and talent, to support the sustainable growth 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 meet the needs of Singapore users who buy and sell cryptocurrencies with Singapore Dollars (SGD). The platform offers real-time, 24/7 SGD deposit and withdrawal functionality, along with a critical focus on security and regulatory compliance. Binance Singapore offers the lowest trading, deposit, and withdrawal fees in the Singapore market, further lowering the barriers to entry while encouraging local crypto adoption.