Kazakhstan’s Alem Crypto Fund Adds Binance Coin (BNB) to Its Reserve

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The post Kazakhstan’s Alem Crypto Fund Adds Binance Coin (BNB) to Its Reserve appeared first on Coinpedia Fintech News

The Republic of Kazakhstan through the Ministry of Artificial Intelligence and Digital Development has announced a strategic investment in Binance Coin (BNB). Kazakhstan’s Alem Crypto Fund, which is managed by Qazaqstan Venture Group and registered within the ecosystem of the Astana International Financial Centre (AIFC), announced its first investment in BNB today.

“The fund’s choice of BNB as its first digital asset highlights the trust in the Binance ecosystem and marks a new chapter for institutional recognition of cryptocurrencies in Kazakhstan. This is an important step toward building a transparent and secure digital asset market, where government initiatives and global technologies work together for the benefit of the national economy,” Nurkhat Kushimov, General Manager of Binance Kazakhstan, noted.

Binance Community Hails Kazakhstan’s BNB Acquisition 

Although the exact amount invested in the BNB coin was not revealed, the move by Kazakhstan has been warmly welcomed by the Binance community. Binance CEO Richard Teng noted that Kazakhstan is setting the pace for digital asset adoption.

Binance co-founder Changpeng Zhao (CZ) welcomed the announcement, which has been in the making for the past few years. Furthermore, CZ noted that BNB has morphed from an exchange token to a state-level asset akin to Ethereum (ETH) and Bitcoin (BTC). 

“The creation of the Alem Crypto Fund is a step toward advancing digital finance in Kazakhstan. Our goal is to make it a reliable instrument for major investors and a key foundation for digital state reserves,” Zhaslan Madiyev, Deputy Prime Minister – Minister of Artificial Intelligence and Digital Development of the Republic of Kazakhstan, noted.

What’s the Market Impact?

The implementation of the Alem Crypto Fund via BNB follows its mainstream adoption by institutional investors and retail traders. Some of the companies already invested in BNB as a form of treasury management include BNB Network Company, B Strategy, and Nano Labs, among others.

Following the announcement, the Binance price rebounded nearly 3% to trade at about $1,023 on September 29, during the mid-North American session. The large-cap altcoin, with a fully diluted valuation of about $142 billion at press time, is well-positioned to rally exponentially, fueled by rising demand from institutional investors.