CoinBundle, a cryptocurrency exchange platform based in San Francisco, California, got a thumbs up to operate in the Philippines’ Cagayan Economic Zone.
CoinBundle received its license to operate in the economic zone during the Cagayan Economic Zone Authority (CEZA) FinTech Summit. Since the exchange will operate in the special zone, it will be servicing users outside the Philippines because additional requirements are required for servicing users within the country.
The company’s Co-Founder and CEO, Mr. Saad Rizvi, expressed his excitement about the new venture and how his company is at the forefront of the movement.
“This agreement is a huge win for CoinBundle and will enable us to go to market rapidly and help our users to begin saving and investing. We’re also excited to contribute to the fintech ecosystem of the Philippines and create new jobs here.” – Mr. Saad Rizvi, Co-Founder and CEO, CoinBundle
During the CEZA FinTech Summit, Mr. Raul Lambino, CEZA administrator and CEO, stated that Cagayan Economic Zone Authority’s (CEZA) plan is to transform Cagayan Valley into the “FinTech City” or the “Silicon Valley” of Asia.
It is reported that CEZA allocated 8 hectares at the Cagayan Special Economic Zone and Freeport (CSEZFP) that will house $100 million worth of fintech, crypto, and blockchain facilities.
Read more: CEZA to House $100 Million Worth of Crypto & Blockchain Facilities
Also during the summit, CEZA inked contracts that are worth Php 1.7 billion from 15 foreign fintech, crypto, and blockchain companies (CoinBundle included). It is said that the hub also requires a minimum of $1 million worth of investments from interested companies.