Binance CEO and founder Changpeng Zhao has announced that the company is planning to reinforce its presence in the Philippines.
Binance CEO Changpeng Zhao / Photo credit: Binance
According to a series of tweets published by reporter Jekki Pascual, Zhao said Binance is planning on financing traditional Philippine financial firms – such as payment service providers and banks – to “help bring those businesses in the blockchain world.”
Founded in 2017, Binance is the largest crypto exchange platform in the world by volume. In April, its US arm raised US$200 million at a valuation of US$4.5 billion.
Efforts have also been made to acquire virtual service provider and electronic money issuer licenses for Binance – the CEO has already met with Filipino officials to discuss this matter. He believes that a regulated industry is integral as it “helps adoption, not the other way around.”
See also: The tech mogul backing Binance’s Malaysia breakthrough
Stressing the importance of the country in Binance’s future plans, Zhao also announced that it will be expanding its team in the Philippines.
Over 4.3 million Filipinos are crypto holders, representing almost 4% of the country’s population. The volume of crypto transactions in the Philippines grew 362% year on year within the first half of 2021, exceeding US$2 billion.
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
