Binance: “We want to help bring those businesses into the blockchain world.”
BINANCE — The world’s largest crypto exchange is planning to pour in investment in Philippine banks and payment service providers.
The company is eyeing to provide more localized services in the country.
On Wednesday, Binance founder and CEO Changpeng Zhao said at a press briefing in Taguig City that “the Philippines is very important” for the crypto platform.
According to him, the country is “more advanced” in terms of payment services, smartphone adoption, mobile penetration, tech talents, and understanding of cryptocurrency.
”All those fronts, the Philippines is ahead,” Zhao said. “We would love to be able to provide more localized services by going into licensing and working closely with regulators here.”
Zhao added that Binance is looking to get two licenses from regulators — VASP (Virtual Asset Service Provider) license and EMI (Electronic Money Issuer) license.
He also said that with those licenses, the company is interested in investing in traditional financial sectors — including banks and payment service providers, among others.
In addition, the Binance CEO said that they wanted to help bring those businesses into the blockchain world.
“We want to help bring those businesses into the blockchain world. If we can help a bank to offer crypto services, you know, in a licensed and regulated way, that makes our market bigger. We are looking at all those options. We are actively looking at all those options,” he said.
According to Zhao, he has already met with some Philippine officials in order to discuss the company’s plan to secure the necessary licenses.