Binance Continues Global Expansion - Signs MOU With Cambodia

by BSC News

July 5, 2022


Meanwhile, Binance Labs co-led a $3 million seed funding round for Web3 startup Magic Square.

Binance Collaborates with Cambodia

Global cryptocurrency exchange Binance has signed a Memorandum of Understanding (MOU) with the Securities and Exchange Regulator of Cambodia (SERC).

As posted on the Binance Blog, Binance and SERC will work together to build and develop the securities sector within Cambodia. Binance will share technical capacity and knowledge with SERC on all digital asset operations. Binance will also support the development of the legal framework to help bolster the commercial side of digital assets within Cambodia. 

“We hope to implement the digital asset innovation in the right way to Cambodia through the collaboration with Binance,” said H.E Mr. SOU Socheat, Delegate of Royal Government in Charge as Director-General of SERC. “SERC has not issued any digital asset license currently but we are working to develop proper regulations and expect this MoU to be a stepping stone for our future regulatory work.”

It seems like with each passing week another crypto firm or project teeters on the edge of insolvency or is compelled to make significant budget cuts. For example, cryptocurrency exchange Coinbase has laid off 18% of its workforce. Despite the crypto winter that has most definitely set in, Binance continues to grow, particularly in the regulatory space.

Gleb Kostarev, Binance Regional Head of Asia said, “Within the Southeast Asia region where the blockchain and digital asset adoption rate is high, Cambodia has the potential to be a leading market.”

Crypto Funding

Binance Labs, the venture capital arm and accelerator of Binance, co-led a $3 million seed funding round for Magic Square. 

The investment will support Magic Square’s operational needs in product development and talent acquisition, as well as on the marketing side with community growth. The project aims to scale up its user acquisition growth in preparation for launching its closed beta. It is expected to open to 50,000 pre-registered users after the public beta. 

“The initial investment led by Binance Labs enables further expansion of our capabilities,” said Andrey Nayman, Magic Square’s CEO.
Investment Director at Binance Labs Mia Mai said, “We believe that the product suites that Magic Square supports, such as Magic ID, Magic Store, Magic Community and Magic Affiliates can potentially be driving forces of Web3 ecosystem mass adoption and implementation.”​​

What is Magic Square:

Magic Square seeks to provide Web3 solutions to make crypto more accessible. More specifically, their Magic Store is a Web3 solution where the community is involved in the major decisions such as vetting, ranking and prioritizing apps through a DAO system. The seed round was co-led by Republic Capital and also included other parties such as KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep, and other angel investors. 

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