Blockchain and cryptocurrency infrastructure firm Binance has signed a Memorandum of Understanding (MoU) with Singapore-regulated private markets platform CapBridge to broaden its services.
According to the Binance blog post Wednesday, the legally non-binding agreement indicates the two firms intend to build a strategic security token offering (STO).
Singapore-headquartered firm CapBridge was founded in 2015. It is regulated by the Monetary Authority of Singapore (MAS) and backed by the Singapore Exchange.
CapBridge has two separate arms: a distribution arm that holds a Capital Markets Services License and the 1exchange, which is MAS-regulated, built on blockchain technology and holder of a Recognized Market Operator license in Singapore.
“By joining forces with CapBridge, Binance will be able to work with a fully licensed firm to broaden services securing compliance with local regulations,” said Binance CEO Changpeng Zhao.
More details on the partnership will be announced at a later date.