Binance (BNC)’s Exchange and the premier of Bermuda, Edward David Burt, who also handles the Finance portfolio for the country, signed a memorandum of understanding (MOU) on April 27. The purpose of the MOU is to establish funding for fintech and blockchain startups related to education programs.
Burt signed the MOU with the founder and CEO of Binance Exchange, Changpeng Zhao. While speaking after the agreement, CEO of the world’s second largest cryptocurrency exchange by market capitalization said, “Binance’s goals “align with [their] aims and objectives to provide a leading well-regulated jurisdiction ideally suited to the growth of the fintech industry.”
As a part of the MOU, Binance will make a total investment of $15 million in Bermuda-based Blockchain companies. Also as per the memorandum of understanding, $10 million of the above amount will be invested for university training in Blockchain technology in Bermuda. The remaining $5 million will be invested in new Bermuda-based blockchain companies by the Binance Labs.
Binance To Develop ‘Global Compliance Base’
According to the Finance Minister, the cryptocurrency exchange is planning to build a global compliance base in his country, which will create 40 new jobs out of which at least 30 will go to Bermudans. Apart from all these investments and developments, the agreement will also include establishing a Digital Asset Exchange having a “robust legal and regulatory framework.”
Given the fact that the Bermudian economy is currently struggling and is yet to recover from the devastating effects of the 2008 global recession, these new developments are expected to provide some momentum to the economic growth of this British overseas territory. According to reports, the Binance CEO has promised to contribute to the growth of the island’s economy. He even appreciated the government for being one of the most approachable on the planet. Zhao has already signed a partnership agreement with a law firm in Bermuda for developing a proper regulatory framework for the local crypto economy.
The local solicitors will see to it that the new office is working in compliance with the laws of Bermuda. Just a week earlier, the cryptocurrency exchange entered into a partnership with Crypto Savannah, a Ugandan blockchain organization. The agreement is expected to promote youth employment and economic development in the country. Binance and Crypto Savannah team will also try to attract more investments to Uganda.
