Binance’s Stern Highlights Cebu’s Potential as Future Technology Hub in the Country
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Editing by Nathaniel Cajuday
- Binance Philippines General Manager Kenneth Stern has emphasized that Cebu has a high potential in the crypto industry because of the crypto enthusiasts based in the province.
- According to Stern, the global crypto exchange is looking forward to helping Cebu develop as a leading technology hub in the country through exploring collaborations with its local government.
- The Binance executive also noted that Filipinos can benefit in the crypto industry by addressing the necessity of financial inclusion through digitalization, allowing access to digital wallets, and offering digital finance solutions.
While crypto-related activities and communities in the Philippines are mostly focused and centered in Metro Manila, Binance Philippines General Manager Kenneth Stern recently highlighted the potential of Cebu with its growing number of crypto investors.
According to a report from Sunstar, the Binance executive mentioned this during his visit to Cebu last week for the Binance Meetup Cebu. The community meetup aimed to gather the crypto community in Cebu and discussed Binance’s 2022 milestones, introduced ongoing programs, networked with Filipino crypto enthusiasts, and also gave out Binance Swag merch to the attendees.
As per Stern, there is a growing interest among Cebuano investors to explore opportunities in crypto trading, and “binance is seeing lots of activity in Cebu, and it’s starting to establish itself as a city with many strong founders in the crypto space.”
Aside from connecting with the crypto community in the province, the exchange also looks forward to Cebu becoming a leading technology hub in the country through exploring collaborations with its local government.
“(The Philippines) has the top 10 ecosystem startups in all Southeast Asia, which is an amazing statistic,” Stern claimed.
Stern also elaborated that a part of their goal is to support both government and local communities in Cebu in having better access to financial services, explaining that it is actively looking to support charities and non-government organizations that are also pushing for financial inclusion.
And to conclude the event, the Binance executive noted that Filipinos can benefit in the crypto industry by addressing the necessity of financial inclusion through digitalization, allowing access to digital wallets, and offering digital finance solutions.
Locally, Binance is still trying to secure a license in the Philippines. However, since it was affected by the three-year moratorium of the Bangko Sentral ng Pilipinas (BSP), which will be active until 2023, the exchange then revealed that it is trying to acquire a local company with the necessary licenses.
Globally, the firm is actively making its presence known all over the world. Last December, Binance was in negotiations to acquire the Indonesian crypto exchange Tokocrypto; in the same month, it acquired the Japanese crypto exchange Sakura Exchange Bitcoin (SEBC).
Last July, Binance’s Spanish subsidiary, Moon Tech Spain, S.L., was granted by the Bank of Spain a Virtual Asset Services Provider (VASP) registration. Then, in October, Binance secured registration as a financial service provider with the New Zealand Ministry of Business, Innovation, and Employment (MBIE)—this also marked the official launch of Binance New Zealand.
Lastly, in August, the exchange signed a Memorandum of Understanding (MoU) with the City of Busan, South Korea, which states that Binance will support the city in creating infrastructure and providing the technology to develop its own blockchain ecosystem.
Currently, the exchange is facing investigation under the Federal Prosecutors who sent subpoenas to hedge funds that are allegedly connected with Binance in its alleged violation of the country’s money-laundering rules.
This article is published on BitPinas: Binance’s Stern Highlights Cebu’s Potential as Future Technology Hub in the Country
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.