Binance Continues Global Expansion - Signs MOU With Cambodia


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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PancakeSwap v3 Launches on BNB Chain’s Layer2 Network, opBNB

The launch of PancakeSwap v3 on opBNB promises users enhanced transaction speeds, reduced fees, and an overall improved trading experience.
On September 28, PancakeSwap Decentralized Exchange (DEX) announced the launch of PancakeSwap v3 on BNB Chain’s Layer2 network, opBNB. The announcement was made official through a post on its official X account and shared details via its blog.
🐰PancakeSwap v3 has officially launched on opBNB @BNBCHAIN!
— PancakeSwap🥞Everyone's Favorite DEX (@PancakeSwap) September 28, 2023
🔀Trade with fees as low as 0.01%
🥈Provide liquidity to the 2nd largest DEX
⛽️Transfer with gas fees as low as $0.005
👉Learn more: https://t.co/nvu7sZk0L7
🎥: https://t.co/xllWcW0fu2 pic.twitter.com/6QJWp4RdAt
According to the protocol’s blog, the new PancakeSwap v3 on opBNB promises traders and liquidity providers a host of benefits. These include the opportunity to trade with reduced fees, enjoy increased returns, and experience enhanced capital efficiency. Further, the Layer2 network ensures these advantages are delivered with high throughput and minimal gas fees.
opBNB, which powers this new integration, is built on the bedrock version of Optimism’s OP stack. It stands out as a swift Layer2 solution within the BNB Chain ecosystem.
Addressing the Layer1 Limitations
One of the significant challenges with numerous Layer1 blockchains has been handling high transaction volumes. With the introduction of opBNB on PancakeSwap, this issue is addressed.
The opBNB network boasts the capacity to handle over 4,000 Transactions Per Second (TPS). Additionally, it offers a minimal gas fee, which can go as low as $0.005. This ensures improved throughput and scalability for users.
In the words of the DEX, “PancakeSwap on opBNB offers a scalable solution; the opBNB network accommodates over 4,000 TPS and reduces gas fees to under $0.005 for transfers. Users enjoy improved throughput without sacrificing decentralization by offloading processing to Layer 2 while posting data to BNB Smart Chain.”
Expanding the DeFi Space
This recent integration marks opBNB as the sixth Layer2 network to be deployed on PancakeSwap v3. This expansion provides users with a broader range of options in the Decentralized Finance (DeFi) space.
Chef Mochi, the Head Chef of PancakeSwap, shared insights on this development, stating that the integration showcases the DEX’s dedication to promoting widespread adoption and empowering users in the cryptocurrency arena.
“By joining forces with the opBNB, PancakeSwap is pleased to bring users more accessibility and functionality than ever before. Our decision to launch on opBNB reflects our continued commitment to driving mass adoption of DeFi, empowering users, and fostering a vibrant DeFi community,” Mochi said.
The launch of PancakeSwap v3 on opBNB is a significant step forward in the DeFi space, promising users enhanced transaction speeds, reduced fees, and an overall improved trading experience.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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