Kazakhstan has launched Alem Crypto Fund, its first state-backed digital asset reserve, in partnership with Binance. The fund, managed by Qazaqstan Venture Group under the Astana International Financial Centre, was created by the Ministry of Artificial Intelligence and Digital Development. Its first asset is Binance’s BNB token, though officials have not disclosed how much BNB was purchased to seed the fund.
According to the government, the fund’s primary mission is to establish strategic digital asset reserves and support long-term investments in blockchain infrastructure.
The announcement comes less than a week after Kazakhstan introduced its tenge-backed stablecoin, KZTE, on the Solana network through collaborations with Mastercard, Eurasian Bank, and Intebix.
Binance has been a close partner to the Kazakh government since 2022, when former CEO Changpeng “CZ” Zhao signed a memorandum of understanding to help develop crypto regulation in the country.
The fund signals Kazakhstan’s ambition to solidify its presence in the global digital asset economy.
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