Binance Singapore arm acquires 18% stake in private stock exchange
Binance Asia Services, the Singapore arm of major cryptocurrency exchange Binance, has acquired a stake in a local private securities exchange, Hg Exchange (HGX).
On Dec. 7, the company officially announced an acquisition of a post-money 18% stake in HGX, a stock exchange licensed and regulated by the Monetary Authority of Singapore.
Binance Singapore CEO Richard Teng said that the new investment will help Binance and HGX further expand the scale of products and services “supported by blockchain technology” in Singapore.
“Crypto and traditional financial offerings continue to converge. We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore,” Teng stated.
HGX is a community-driven private stock exchange, founded
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