Binance Announces Joint Venture Deal With Cambodia’s Royal Group
- Leading crypto exchange Binance announced a joint venture deal with one of the biggest strategic investment holding company, the Royal Group of Companies headed by Neak Ohkna Kith Meng.
- Binance aims to “solidify the relationship between the two parties and to expand blockchain ecosystem in Cambodia” after it recently signed an MoU with the Securities and Exchange Regulator of Cambodia (SERC).
- As per the MoU, the exchange will also help in training and developing local talent on digital assets and help in formation of regulations of crypto assets.
Binance, the world’s largest crypto exchange, has announced a joint venture deal with one of the biggest strategic investment holding company in Cambodia, the Royal Group of Companies (Royal Group) and the two firms will continue to work together to focus on the development and expansion of Web3 and crypto in the Southeast Asian country.
Interestingly, the announcement comes at a time when several crypto companies are fighting for survival and aiming for dominance following the crash of the disgraced crypto broker FTX, which was once ranked as the second-biggest crypto exchange and is now virtually worth nothing. Several exchanges have stepped to take its place while Binance remains the largest crypto exchange in existence.
Through the joint venture with Cambodia’s strategic investment holding company, Binance aims to “solidify the relationship between the two parties and to expand blockchain ecosystem in Cambodia,” as per an announcement on Sunday. Furthermore, in order to capitalize on the developing Web3 interest in the country, the two will explore ways to expand the blockchain industry in the country.
“We are excited to deepen our strong relationship and collaboration with Royal Group. This JV will allow for users in Cambodia to enjoy a seamless user experience to make it easier for users to learn about blockchain and tap into the Royal Group network to find ways to on-ramp and start their web3.0 journey,” said Leon Foong, Head of Binance APAC.
Binance and the Royal Group will continue to strengthen the collaboration so Cambodia benefits from the growth of the blockchain ecosystem and together the two will “strive to drive up financial inclusion by building a stronger blockchain infrastructure which in turn will increase usage of blockchain related services and products,” Foong added.
Interestingly, the leading crypto exchange under Changpeng Zhao, had signed an MoU with the Securities and Exchange Regulator of Cambodia (SERC) in June. In accordance with the MoU, Binance was allowed to share technical knowledge and experience with SERC on digital asset operations and also, support the development of the legal framework for regulating and bolstering the digital asset businesses in Combodia.
Additionally, the exchange will also help in training and developing local talent on digital assets.
Neak Ohkna Kith Meng, Chairman and CEO of Royal Group, who is also the richest man in Combodia, believes that Web3 is the next stage of technological innovation and he wants Combodia to be on the forefront of the booming space.
“We are excited to be partnering with Binance, the global leader in the blockchain ecosystem and are sure that this JV will go a long way in accelerating inclusive economic growth in Cambodia,” added Neak Ohkna Kith Meng,” said Kith Meng.