Binance’s Expansion Strategy in the Philippines
Education is a key factor in the Philippines’ adoption of cryptocurrencies, a nation with a sizable unbanked population.
In significant nations around the globe, Binance is expanding its presence. One in particular is the Philippines, which, during the global COVID-19 pandemic, has embraced blockchain gaming.
At the Philippine Web3 Festival, Kenneth Stern, country head for Binance in the Philippines, gave a speech outlining the cryptocurrency exchange’s plans for the local market. Education is at the heart of Binance’s plan to reach the large population of the nation. To lead crypto education in the area, the team has partnered with a number of governmental organizations, regional universities, and Web3 communities.
By providing courses on blockchain and Web3, Binance has teamed up with a number of university partners, including the University of the Philippines, Ateneo de Manila University, and National University, to promote cryptocurrency education.By giving Filipinos access to better opportunities without having to leave the country, this is an effort to support the recruitment of more talent for the cryptocurrency industry.
He added that the company took part in several senate hearings to assist legislators in developing cryptocurrency legislation by helping regulators comprehend the complex blockchain technology. One of the first nations to establish a framework for cryptocurrency regulation is the Philippines. In order to create legislation that supports the nation’s blockchain industry, Binance must educate regulators.
In order to better inform the local population about issues related to blockchain technology, the team also seeks to support regional Web3 communities and the blockchain industry by planning additional events like the Philippine Web3 Festival.
When asked about Web3’s prospects in the nation, Stern responded as follows:
“I think it’s going to continue to rise, especially with events like [the Philippine Web3 Festival].”
One of the main applications of blockchain technology is the transfer of money. It enables users to send coins directly from one wallet to another without dealing with a centralized organization that levies exorbitant fees.Once Filipinos are aware that they can earn money and save money using Web3 and cryptocurrencies, this could act as a catalyst to accelerate the adoption of cryptocurrencies in the nation.
But for adoption to take place, the infrastructure must exist. Although Binance has a great chance to win over the unbanked population of the nation, their money and value will stay on-chain if offramps are not made accessible to Filipinos.This is where the country’s adoption of blockchain technology will be significantly influenced by conventional financial institutions and perhaps even the government.