Binance Singapore Exchange Opens; Goldman Sachs Launches Second Cryptocurrency Team

The top daily news from the cryptocurrency and blockchain space:

  • Binance Singapore marks yet another fiat-to-cryptocurrency exchange for the Binance behemoth.
  • Goldman Sachs launches its second team devoted to the crypto ecosystem.
  • Circle-owned Poloniex announces fiat on-ramp connectivity and the listing of seven cryptocurrencies.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $13,042.6 (+2.9%) and $311.5 (-1.2%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 4,820.4 (+1.6%).

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Binance Singapore Marks Yet Another Fiat-to-Cryptocurrency Exchange

The world’s foremost cryptocurrency exchange operator, Binance, officially launched its third fiat-to-crypto trading platform, Binance Singapore, which allows users to purchase cryptocurrencies with Singapore Dollars (SGD). The launch represents Binance’s third fiat-to-crypto exchange, with the others being Binance Uganda and Binance Jersey.

Binance Singapore is backed by two divisions of a global venture capital network known as Vertex Ventures: Vertex Ventures China and Vertex Ventures Southeast Asia and India. With the new exchange, Singaporeans will be able to use SGD to purchase bitcoin (BTC), ether (ETH), and Binance Coin (BNB). Binance has made known its intent to add support for more cryptocurrencies moving forward.

On what was a busy Tuesday for Binance, it also announced it had – as a way to “provide a better service” – chosen to reduce the number of block confirmations required for deposits and withdrawals on the respective blockchain networks of Bitcoin and Ethereum.

Goldman Sachs Launches New Crypto Business

Citing a new job listing it had obtained, The Block reported that investment banking giant Goldman Sachs “has launched a new crypto business within its incubator, and it is looking to go “further than ever before” with digital assets.”

The job posting – which is for a Digital Asset Project Manager – comes at a time when “insiders say Goldman could be setting its sights on launching something akin to JPMCoin,” by JPMorgan, the article went on to state. Worth highlighting, the new digital asset team will be operating distinct from Goldman Sach’s existing cryptocurrency derivatives trading unit.

Back-to-Back Announcements by Goldman Sachs-Backed Circle’s Crypto Exchange

Poloniex, a U.S.-based cryptocurrency exchange acquired by Goldman Sachs-backed Circle, announced the roll out of a functionality that will allow users to deposit and withdraw funds using their bank accounts. What’s more, Poloniex users can now use their debit or credit cards to buy bitcoin.

Also on Tuesday, the Poloniex team announced, “the addition of seven new markets tied to the most popular stablecoins on the market – USD Coin (USDC) and Tether (USDT).” Paired with the former are EOS (EOS), DASH (DASH), and Ethereum Classic (ETC), and, with the latter, Bitcoin SV (BCHSV), Bitcoin Cash (BCHABC), and Grin (GRIN).