Binance Asia Services Announces Strategic Stake in Singapore-Based Hg Exchange

Binance Asia Services, the Singapore arm of major cryptocurrency exchange Binance, announced that it has acquired 18% stake in Hg Exchange (HGX). According to the announcement, the deal is 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 (MAS).

"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."

"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,”Mr Teng added.

Last month, Binance has announced a multi-year partnership with the Portugal’s football club FC Porto, as the official Fan Token partner. FC Porto is one of the biggest football clubs in Portugal, having won 29 Primeira Liga titles and 79 major trophies to its name.