Joint Venture Plans to Grow Cambodia’s Blockchain Ecosystem

Global cryptocurrency exchange, Binance, is preparing to embark on a joint venture with Cambodia’s Royal Group that will further develop the nation’s blockchain ecosystem and embrace Web3.
Leon Foong, Head of Binance APAC. Photo: supplied
Leon Foong, Head of Binance APAC. Photo: supplied

Binance, a leader in blockchain infrastructure and cryptocurrencies, and Royal Group of Companies (Royal Group) have agreed to a joint venture (JV) to further develop Cambodia’s blockchain ecosystem.

Kith Meng, chairman and CEO of Royal Group, said,

“We live in an exciting time in what the next decade and Web3 will bring to us. Technology companies are already imagining the unimagined and paving the way for this world to be an inclusive and open society, where multilateral trade can bring economic prosperity for all.”

“We want Cambodia and Cambodians to be at the forefront of this change and, along with support from the Royal Government of Cambodia, we want technology to help us leapfrog into a developed economy,” he added.

The JV comes after an Memorandum of Understanding (MoU) was inked earlier this year. Binance and Royal Group committed to work together on many projects to examine the implementation of Web3 and blockchain initiatives in Cambodia. This includes “raising awareness and lowering the barrier of information acquisition on blockchain and digital assets through educational programs”.

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“We are excited to deepen our strong relationship and collaboration with Royal Group. This JV will allow users in Cambodia to enjoy a seamless user experience to make it easier to learn about blockchain and tap into the Royal Group network to find ways to on-ramp and start their web3.0 journey,” Leon Foong, Head of Binance APAC, said in a release.

Signing ceremony between Binance and the Securities and Exchange Regulator of Cambodia. Kiripost/via SERC
Signing ceremony between Binance and the Securities and Exchange Regulator of Cambodia. Kiripost/via SERC

Foong remarked that Binance will continue to strengthen collaboration so Cambodia benefits from the growth of the blockchain ecosystem. He added, “Together, we strive to drive up financial inclusion by building a stronger blockchain infrastructure, which in turn will increase usage of blockchain-related services and products.”

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, with a financial product suite that includes the largest digital asset exchange by volume.

The Binance platform is dedicated to increasing the freedom of money for users. It features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions.