A “Crypto City” is on the rise soon in Cagayan. It will house a blockchain center, cryptocurrency mining farm, cryptocurrency exchange, and a fintech startup incubator.
CEZA and Sinosun
This new fintech powerhouse is from the Cagayan Economic Zone Authority (CEZA) and Sinosun Subic Bay Holdings Corp. agreement that both parties signed on February 1, 2018. CEZA and Sinusun agreed to develop the Cagayan Special Economic Zone and Free Port (CSEZFP) with the help of a Chinese company.
Under the memorandum of understanding signed by two parties, Sinosun’s will commission a feasibility study for infrastructure and economic development. This is to attract investments in the economic zone.
Aside from the cryptocurrency hub mentioned above, they will also study power generation, railway links, road networks, port expansion and redevelopment, hotels and resorts, plus other industrial and agricultural developments.
Sinosun and China Energy Construction
Sinosun and their Chinese partner, China Energy Construction plan to build a 20-megawatt power plant in Sta. Ana, Cagayan. This is to sustain the power-hungry needs of having a cryptocurrency farm. It is also reported that they will initially have 50,000 cryptocurrency mining machines located inside the plant.
“Construction of the power plant will take about eight months, while the mining farm will take a while, as machines will be imported. If you order 10,000 mining machines, it will take four months to arrive,” – Mr. Samuel Lim, Chairman of Sinosun Subic Bay Holdings Corp.
Mr. Raul Lambino, CEZA Administrator and CEO, envisions the hub to be a fully developed CSEZP with diverse and sustainable industries.
“Cagayan already has a natural beauty that is hard to resist. What we need to show is that the free port can be an investment jewel in Southeast and East Asia,” – Mr. Raul Lambino, CEZA Administrator and CEO
CEZA is a government-owned and controlled operation. It is asked to manage and supervise the development of CSEZP.