Partnering with Solana (SOL), the country established its first state-backed crypto fund and made its first investment in another surprising altcoin.

A new move came from Kazakhstan, which partnered with the Solana (SOL) Foundation last June and announced plans to establish a Bitcoin (BTC) reserve.

Accordingly, Kazakhstan announced the establishment of a state-owned cryptocurrency fund. The official statement announced the launch of the state-owned cryptocurrency fund, the Alem Crypto Fund.

It was stated that the strategic partner of the fund is Binance, the world’s largest cryptocurrency exchange.

It was stated that the main purpose of the fund is to make long-term investments in digital assets and create strategic reserves.

According to the statement, the Alem Crypto Fund could also serve as a vehicle for future state-level savings, enhancing the country’s capacity to manage future finances.

While it was stated that the first investment was made in Binance’s native token, Binance Coin (BNB), the purchase amount was not disclosed.

“We are proud that Binance Kazakhstan is a strategic partner of the Alem Crypto Fund. Choosing BNB as the fund’s first digital asset underscores the trust in the Binance ecosystem and marks the beginning of a new era for institutional recognition of cryptocurrencies in Kazakhstan,” said Nurkhat Kushimov, General Manager of Binance Kazakhstan.

Binance CEO Richard Teng shared this news on X. Teng said, “Kazakhstan is a pioneer in digital finance! This AFSA-licensed platform for institutional investment and sovereign digital reserves has chosen Binance Kazakhstan as a partner and BNB as its first asset.”

As you may recall, Timur Suleimenov, Governor of the National Bank of Kazakhstan, said at the end of June that the country will establish a Bitcoin and cryptocurrency reserve that will be managed by a subsidiary of the National Bank.

*This is not investment advice.