According to a tweet posted by Wu Blockchain, multiple sources have revealed that Binance is looking to secure investments from government funds raising its valuation to $200 billion.
It was reported that Binance had declined investment from major US venture capital firm Sequoia Capital in the past. At the time, Binance CEO Changpeng Zhao commented that Binance was only interested in VC firms that could offer alliances with the financial regulators.
In another tweet, Wu Blockchain noted that Binance Singapore was previously funded by Vertex Ventures, a subsidiary of Singapore’s government-affiliated VC fund Temasek.
The Twitter thread noted that it would be feasible to invest in Binance Global. It regarded the factors that aimed for large-scale financing taking its valuation to $200 billion. The post compared Binance to that of Coinbase which earned $800 million in Q1 with its current market valuation standing at $54.2 billion.
Binance had also recently appointed Richard Teng as the new CEO of its Singapore subsidiary. Teng had recently retired as the head of Abu Dhabi Global Market in March of this year and was previously the director of corporate finance at Singapore’s Financial Management Authority (MAS) for 13 years.
On his joining, Teng remarked:
“I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry. I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering with best practices and complying with regulatory standards.
We are witnessing rapid mainstream adoption of the blockchain and crypto technology, leading to the need for greater understanding and appreciation amongst individuals, institutions and governments.”