Binance CEO Changpeng “CZ” Zhao is jumping into the Twitter frenzy following Elon Musk’s viral tweet about Bitcoin.
CZ says he will gladly buy a Tesla for crypto, if accepted.
Meanwhile, Zhao is hard at work expanding his operations in Asia, with the launch of Binance Singapore.
Funding from Vertex Ventures, a global network of operator-investors who manage portfolios in the US, China, Israel, India and Southeast Asia, will support Binance in building a fiat-to-crypto exchange in Singapore, as well as other fiat-crypto gateways and services throughout Southeast Asia.
The new exchange, which will be fully-compliant and subject to strict KYC/AML regulations, is scheduled to go live by the end of the year.
Zhao launched Binance in July 2017 and has built the company into an ecosystem of initiatives, including its venture capital arm Binance Labs and its educational platform Binance Academy, in addition to Binance Exchange, which ranks as the largest by trading volume, processing over 1.4 million orders per second.
Binance’s meteoric rise over the past 15 months has cemented CZ as a key player in the space. His ability to turn the exchange into the fastest growing tech startup to reach a $1 billion-plus valuation has put a spotlight on the entire cryptocurrency industry, enticing venture capitalists from Silicon Valley to Zug to Malta to invest capital, resources and talent, driving blockchain innovation.
[the_ad id="42537"] [the_ad id="42536"]The investment in Binance Singapore is a joint effort between Vertex Ventures China and Vertex Ventures Southeast Asia & India.
According to Choon Chong Tay, managing partner at Vertex Ventures China,
”Changpeng Zhao is one of the most well-respected entrepreneurs in blockchain with high inspiration to build and promote the blockchain ecosystem. He represents the new generation of China-originated entrepreneurs building products for the world.”
CZ is also hoping to expand real-world use cases for cryptocurrencies through merchant adoption. The company recently invested $2.5 million in Australian startup TravelbyBit to integrate crypto payments into major airports around the world. The system will enable travelers to purchase goods with four different cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance Coin (BNB).