SINGAPORE, June 9, 2023 /PRNewswire/ -- IMPERO Consortium Management Corp. (IMPERO) and Coinstore Pte. Ltd. recently announced their strategic partnership, garnering significant industry attention. This collaboration aims to unlock the potential of the cryptocurrency market in the Philippines and Southeast Asia while driving the advancement of Web3 technology and finance. By joining forces, IMPERO and Coinstore will explore new opportunities in blockchain and fintech, fostering exciting developments in the region.
The partnership between IMPERO and Coinstore holds immense potential for reshaping the landscape of blockchain, fintech, and Web3 technologies. Emmanuel Samson, Founder and CEO of Impero Corp and member of the GICC-Impero Consortium says, "Through this initiative, businesses can register to obtain an Offshore Digital Asset License (ODAL), offering them a regulated and well-organized community to operate within. We are excited to provide this opportunity for businesses to thrive."
With a global focus, the collaboration will leverage the blockchain ecosystem established by the Authority of the Freeport Area of Bataan (AFAB) in the Philippines, the first legally mandated blockchain ecosystem under Republic Act 11453, which fosters an enabling environment for innovation and growth.
Key initiatives of this partnership include providing Coinstore with representation in expanding global markets and identifying and managing potential business opportunities in blockchain, fintech, Web 3.0, and emerging markets. The collaboration will leverage AFAB's three pillars: monitoring through audit, enabling environment, and ease of doing business.
"We want to be the exchange to connect between different Southeast Asian countries, resources, and help each other to grow," emphasizes James Toh, Global Head of Business Development at Coinstore. "Our goal is to facilitate collaboration and development within the region."
A primary objective of this collaboration is to develop a robust business model and effective affiliate marketing strategy that aligns with IMPERO's goals, starting with a focus on the Offshore Digital Assets License (ODAL) business within AFAB. Both IMPERO and Coinstore will actively engage with clients and potential partners, fostering a collaborative approach to maximizing success.
Over the coming months, the joint venture aims to introduce quality blockchain projects globally under AFAB's blockchain ecosystem. Coinstore will assist in the assessment and curation of projects based on strict criteria set by IMPERO. The development of AFAB's digital ecosystem allows Web3 businesses and entities to focus on their objectives while benefiting from AFAB's auditing, monitoring, enabling environment, and ease of doing business practices.
The collaboration between IMPERO and Coinstore not only holds immense potential for the Philippines but also aligns with the global growth trajectory of the Web3 market. Market research and consulting company Acumen Research & Consulting projects the global Web3 market to reach $81.9 billion by 2032, with a compound annual growth rate of 44.5%. Targeting the Asia-Pacific region, where Web3's compound annual growth rate is approximately 47%, is of great significance. CoinGecko's research also highlights the Philippines' strong interest in Web 3 gaming-related searches from 2021 to 2023. By seizing the Web3 market in this region, IMPERO and Coinstore are well-positioned to drive regional economic growth, empower local blockchain practitioners, and deliver tangible benefits to users.
As the partnership unfolds, IMPERO and Coinstore's combined expertise and capabilities will continue to drive transformative advancements in the blockchain and fintech space. This collaboration empowers businesses, individuals, and the broader ecosystem by offering innovative solutions and opportunities for growth.
The AFAB, an autonomous region and economic zone with its own charter and mandate, offers economic incentives to foreign investors. In August 2019, a law was signed creating a legally mandated ecosystem for blockchain, fintech, cryptocurrency, AI, and other emerging technologies within the Freeport Area of Bataan, the first in the Philippines. The business model includes the "Offshore Digital Asset License" offered by AFAB.
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