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Binance has signed a deal with the Cambodia-based Royal Group of Companies. The alliance aims to foster blockchain development in the country and teach residents about Web3.

Binance Enter Joint Partnership With Royal Group For Web3 Development

Royal Group is a Cambodia-based investment company. Both entities will create a plan to push and advance blockchain tech in Cambodia.

Besides, blockchain technology is gaining massive attention across the globe. As a result, countries, companies, and financial institutions are working to integrate blockchain into their operations.

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Leon Foong, the leader of Binance APAC, acknowledged the report saying this is an excellent opportunity for Cambodian residents. According to him, the partnership will give them unlimited access to blockchain technology.

Meanwhile, Foong is optimistic that blockchain adoption will skyrocket in Cambodia. Moreover, Binance has been pushing blockchain development to various parts of the globe, including Africa, in 2022.

Furthermore, the leader of Binance APAC said his unit is happy to collaborate with Royal Group. Foong stated that Cambodians could enjoy seamless services and learn more about Web3.

He said it is an excellent opportunity for Cambodians to learn more about blockchain technology. The leader added:

“We shall keep strengthening our joint venture with Cambodia. This will ensure they benefit from blockchain technology. In addition, we plan to increase financial inclusion in the region by launching blockchain-based products and services.”

Binance Continues To Expand Despite Bearish Market 

Neak Ohkna Kith Meng, Royal Group’s CEO and Chairman noted that the partnership would benefit Cambodia. According to the CEO, the world is becoming more interested in advanced technology.

Hence, it is only fitting for Cambodia to join the train. Meng added that Web3 technology has several exciting benefits.

Additionally, he noted that tech firms are already experimenting with these technologies to unveil new use cases. These technologies can attract economic prosperity to Cambodia, he added.

The latest Binance-Royal Group collaboration shows Binance’s desire to dominate the crypto sector despite the bearish crypto market. Several crypto-based firms and entities have fallen during the crypto market winter, notably Voyager and 3AC.

Last week Friday, Coinbase downsized the members of its onboarding teams. According to the crypto exchange, its finances could not cover some employees’ paychecks.

Coinbase is one of many entities that has laid off workers due to the bearish market. In addition, top crypto-related companies, such as Meta, and Kraken, also had to reduce their workers.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.