Cryptocurrency exchange giant Binance has reportedly secured a major business deal worth around $15 million in Bermuda. The deal is courtesy of a recent Memorandum of Understanding (MOU) that was signed by Binance and David Burt, the Minister of Finance in Bermuda.
Changpeng Zhao, the CEO and founder of Binance, signed the MOU alongside Bermuda’s minister of finance. The Binance Foundation will provide blockchain technology training worth $10 million through education programs as part of the MOU. The remaining $5 million will be used to fund blockchain startups. The cryptocurrency exchange firm will also team up with the government of Bermuda to create a regulatory framework for blockchain and cryptocurrencies as part of the investment deal.
The partnership will also allow Binance to open a new office in Bermuda. Zhao pointed out that Bermuda is one of the countries with the most approachable governments and regulatory authorities. Burt pointed out during a press conference that Binance proposed the creation of a global compliance base in Bermuda as part of their partnership.
The new proposal would be beneficial to the country because it will lead to the creation of more jobs while also placing Bermuda at the technology forefront. The partnership also aims to boost Bermuda’s economy. Binance has already started working with a local law firm to make sure that its new office will be compliant with the laws. Burt stated that it is Bermuda’s interest to become the best in terms of regulation in the Blockchain and cryptocurrency space.
Binance, which is currently one of the largest cryptocurrency exchanges, has been busy making moves aimed at leveraging growth in new areas. This comes after its exit from Japan which it shifted its operations to Malta.
Bermuda seems to be warming up to cryptocurrencies and blockchain technologies. The Minister of Finance pointed out in his closing statement that the country is planning to pass a new bill that will allow the regulation of Initial Coin Offerings. He added that once the legislation is passed, the authorities would make sure that ICOs are governed comprehensively within the borders of Bermuda.
The newly revealed measures, including the partnership between Bermuda and Binance, should contribute significantly towards making Bermuda more attractive as far as cryptocurrency and blockchain technology are concerned. Meanwhile, Binance continues to widen its scope of operations. It recently teamed up with a blockchain firm called Crypto Savannah, based in Uganda, which aims to encourage youth employment and economic development.