Binance widens its service offering with a new partnership

The bitcoin exchange Binance has entered into a strategic partnership with CapBridge Financial, a private-capital markets platform regulated by Singapore’s Monetary Authority of Singapore (MAS).

#Binance announces a new strategic partnership with CapBridge Financial. https://t.co/i6XCM4rU5Q

— Binance (@binance) March 24, 2021

CapBridge comprises two divisions with regulator-approved licenses. One is intended for private investments, the other is a securities exchange called 1exchange (1X), built on the blockchain.

1X facilitates private share placements for family-owned businesses before they go public via an IPO.

“By joining forces with CapBridge, Binance will be able to work with a fully licensed firm to expand services that comply with local regulation. We foresee a long-term partnership with CapBridge aimed at diversifying our offerings for users,” said CEO Changpeng Zhao.

CapBridge CEO Johnson Chen expressed hope that, as a result of the collaboration, the regulated platform will provide Binance clients with new opportunities.

The company will announce detailed partnership plans at a later date.

Earlier, Binance launched a crypto-fiat platform in Singapore in 2019. It later updated its license to operate in the country in accordance with the Payments Services Act.

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