Crypto Exchange Binance, Bermuda Sign $15M USD Investment Agreement

Announcements, Investing, News | April 30, 2018 By:

David Burt, Bermuda’s Premier and Minister of Finance, has signed a memorandum of understanding (MOU) with Binance Group which involves an investment of up to $15 million for educational programs related to FinTech and blockchain startups.

Changpeng Zhao, founder and CEO of Binance, the world’s largest cryptocurrency exchange by market capitalization, met with Bermuda’s Premier to sign the MOU. Under the MOU, the Binance Charity Foundation will put $10 million toward educational programs related to blockchain. The company will also provide up to $5 million in investments in new Bermuda-based blockchain companies through Binance Labs.

“Through the Binance Charity Foundation, the group is committed to improving education, creating awareness in the development through the use of blockchain technology,” said Burt. “Binance Labs are incubators to encourage greater innovation and scope for future investment in a variety of projects.”

In addition, Binance will help the Bermuda government develop a regulatory framework for cryptocurrencies and blockchain technology and will open a new office in the country.

“Through this partnership, Binance proposes to develop its global compliance base here in Bermuda, creating at least 40 jobs in Bermuda, with at least 30 jobs for Bermudians … [and] as soon as practical, develop a digital asset exchange in Bermuda subject to all required legal and regulatory processes; and finally, work collaboratively with the government of Bermuda and all necessary oversight agencies in the development and improvement of the robust legal and regulatory framework,” Burt said.

Zhao said that research conducted by Binance shows that Bermuda has “one of the leading regulatory bodies” for cryptocurrency. He said they think the Bermuda government and regulatory body “are one of the most approachable, most reasonable, and most forward-thinking bodies on the planet.”

In his closing remarks, Burt said that they want to make Bermuda “the first country in the world” to “comprehensively govern” initial coin offerings (ICO) within the country’s borders.

“We want to ensure that Bermuda is the world’s number-one place for regulation inside of this space. We have a reputation to protect, we will protect it. But at this point in time, we will work with all persons who we believe represent future growth for the people of this country and future opportunities and jobs.”

Last week, Binance partnered with Crypto Savannah, a Uganda-based blockchain organization, to support economic development of the East African country by generating employment, as well as attracting investment to Uganda.