Key points
- Binance to provide expertise for digital assets
- Education initiatives to promote blockchain and cryptocurrency
- Fauji Foundation expands portfolio in diverse sectors
ISLAMABAD: Fauji Foundation, one of Pakistan’s largest business conglomerates, has signed a Letter of Intent (LOI) with Binance, the leading global cryptocurrency exchange, to explore commercial collaboration in blockchain, cryptocurrency, and payments within Pakistan.
The announcement, made by the Pakistan Crypto Council (PCC) this week, revealed that the LOI was signed on 12th December at Fauji Foundation’s headquarters in Rawalpindi. The partnership aims to explore potential collaboration in blockchain, cryptocurrency, payments, and Web 3.0 ecosystems in Pakistan, reports Dawn.
As part of the agreement, Binance will provide its expertise, advisory support, and technological insights, while Fauji Foundation will collaborate on developing payment infrastructure solutions using digital assets.
Blockchain education
The two sides will also promote cryptocurrency and blockchain education through their academic wings to equip the youth with the skills needed to work in the industry and be well-informed consumers of these technologies.
The LOI was signed by Fauji Foundation’s Secretary of the Committee of Administration, retired Brigadier Irfan Khan, and Binance CEO Richard Teng. Also present were Fauji Foundation CEO retired Lieutenant General Anwar Ali Hyder, PCC Adviser Changpeng Zhao, and Chairman of the Pakistan Virtual Assets Regulatory Authority, Bilal Bin Saqib.
Fauji Foundation, founded in the 1950s with an initial investment of Rs18 million, now boasts a diverse portfolio, including healthcare, education, and investments in agriculture, infrastructure, and finance.
Binance is the world’s largest cryptocurrency exchange, providing a global platform for buying, selling and trading digital assets such as Bitcoin, Ethereum and hundreds of other cryptocurrencies
Founded in 2017 by Changpeng Zhao, the company operates across multiple jurisdictions and also develops blockchain-related technologies, digital payment solutions and Web3 services. Alongside its trading platform, Binance offers products such as crypto wallets, staking services and blockchain education initiatives, while facing regulatory scrutiny in several countries as governments work to regulate the fast-growing digital asset sector.
