Australian funds simplify investments using blockchain

A venture capital fund will implement the blockchain technology
28 November 2017   940

A new Australian fund Apollo Capital is planning to concentrate on blockchain and cryptocurrency and spend $30 million for that purpose. It’s the first Australian foundation, which operates with digital money. Only people with more than 50000 australian dollars on their accounts have an opportunity to invest in the fund.

Domenic Carosa, one of the fathers of the organization (the other is Holger Arians), believes that such kind of funds is a product of its time. The establishment is indispensable for development and prosperity of blockchain technology.

But Apollo Capital is not the only fund, which deals with cryptocurrency and the blockchain technology in Australia. Managers of the blockchain development fund are planning to invest $14 million for extension of cryptocurrency usage in the nation state. They also want to implement their own XEM blockchain platform for easier adoption of the technology.

At the same time many venture capital funds in Australia are sceptical about cryptocurrency and not ready to use the blockchain right now.


Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   382

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.


Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.