Saturday, Nov 26, 2022
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VinaCapital Ventures invests in blockchain eco-platform Hub Global

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VinaCapital Ventures in the investment arm of VinaCapital Group

VinaCapital Ventures, the investment arm of VinaCapital Group, has announced that it has invested in blockchain eco-platform Hub Global, media reports said.

Founded in 2021 by Linh Han, Hai Bui and Bryan Pelz, Hub Global focuses on supporting the development of promising startups in Vietnam by providing blockchain solutions across a range of verticals.

Hoang Duc Trung, Manager of VinaCapital Ventures told the media, “We are excited to invest in Hub Global JSC and look forward to working with its team, which has a diverse range of experience and a track record of successfully setting up and commercialising large-scale blockchain projects.”

He further stressed on the potential of blockchain which goes beyond its use for cryptocurrencies. He believes Vietnamese startups are already making inroads into developing blockchain solutions in a number of applications.

Binance, which is one of the leading crypto exchanges, is set to start a cryptocurrency exchange in Indonesia. Binance and a consortium led by MDI, the venture capital arm of Telkom Indonesia, have set up a joint venture to focus on blockchain development in the country.

Recently, Binance also withdrew its application for a license from the Monetary Authority of Singapore (MAS) to operate a cryptocurrency exchange and will shut down its trading platform in Singapore by February 13. Binance Singapore will contact its users via email to see what steps they need to take since the platform will cease to function.

Richard Teng, Chief Executive Officer of Binance Singapore told the media, “We always put our users first, so our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services.”

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