The Malta Stock Exchange (MSE) recently announced that Binance is supporting its new MSX FinTech Accelerator Program for fintech startups and entrepreneurs. The aim of the program is to support and mentor crypto startups and their projects so that they are well-prepared to face their international rivals. Apart from Binance, Thomson Reuters will also serve as a mentor for this program.
Malta gearing up to attract blockchain & crypto businesses
Malta is a tiny archipelago located between the North African coast and Sicily. The microstate is now gearing up to join the bandwagon of blockchain and crypto businesses similar to other states including San Marino, Gibraltar, Liechtenstein, and Bermuda. The launch of this new accelerator program for the startup is a step in this direction.
Binance is one of the largest cryptocurrency exchanges in the world. The platform has a 24-hour trading volume of around $1.2 billion and the token Binance Coin is currently trading at $16.68 having a total market capitalization of $1.9 billion. According to reports, the leading crypto exchange is also working with a cryptocurrency trading platform in Malta that will allow crypto-fiat trading by the end of 2018.
Binance authorities have said that they have moved their operations to Malta because the state has shown a progressive and supportive approach towards developing blockchain and crypto-based industry.
MSX program to offer multiple services and facilities
The MSX startup accelerator program is offering multiple services and facilities including payroll and accounting services, conference rooms, space for office, up-to-date communication and a training center. The chairman of the Malta Stock Exchange, Joseph Portelli said, “It is clear that Malta is becoming a Fintech and blockchain center of excellence and we want to allow local and foreign companies the ability to bring their ideas to the market faster.” He further added that through this particular program, the foreign entrepreneurs will gain easy access to a tailored option at the Malta Stock Exchange.
According to Portelli, Malta is fast becoming a center of excellence for both fintech and blockchain. A tweet by MSE on its official account says that initially, the platform will accept 12 Finetech startups who can utilize the facilities of the newly launched program.