Fauji Foundation, one of Pakistan’s largest business conglomerates, has signed a Letter of Intent with Binance, the leading global blockchain and cryptocurrency exchange by trading volumes and users, for commercial collaboration in blockchain, cryptocurrency and payments in Pakistan.
In a statement, the Pakistan Crypto Council (PCC) said the Letter of Intent was signed on Dec. 12 at the Fauji Foundation Headquarters in Rawalpindi. It said both sides would explore potential commercial collaboration on blockchain, cryptocurrency, payments and Web 3.0 ecosystem within Pakistan.
“As part of the Letter of Intent, Binance will deploy its expertise, advisory support and technological and market insights on the crypto industry, and Fauji Foundation will partner with Binance on payment infrastructure solutions utilizing digital assets,” read the statement.
Both sides aim to further cryptocurrency and blockchain education through their academic wings to learners throughout Pakistan, empowering the youth with the skill sets needed to work in this industry and act as responsible and well informed consumers of blockchain, cryptocurrency, payments and Web 3.0 products and services, the statement added.
Fauji Foundation Secretary of Committee of Administration Brigadier Irfan Khan (ret.) and Binance Chief Executive Officer Richard Teng signed the Letter of Intent. The event was also witnessed by Fauji Foundation Managing Director and CEO Lt. Gen. Anwar Ali Hyder (ret.), PCC Adviser Changpeng Zhao and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib.