Crypto Exchange Binance Supports Malta Stock Exchange’s Startup Accelerator

News | June 19, 2018 By:

Binance, the world’s largest cryptocurrency exchange by market capitalization, is backing Malta Stock Exchange‘s newly launched startup accelerator program.

Called the MSX FinTech Accelerator Program, the accelerator aims to support and mentor crypto startups and entrepreneurs to become more competitive. It will offer the startups services and facilities like in-house accounting services and payroll, as well as office space, state of the art communication, conference rooms, and a training center. Binance and Thomson Reuters will join the program as mentors.

“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,” said Joseph Portelli, chairman of the Malta Stock Exchange. “This program offers foreign entrepreneurs easy access to a readymade solution at one of Malta’s most prestigious addresses – the Malta Stock Exchange.”

Malta is one of the most welcoming countries in the world when it comes to cryptocurrency and blockchain technology. Earlier this year, the Cabinet of Malta approved three bills related to cryptocurrency and blockchain technology. One bill in particular, the Virtual Financial Assets Bill, provides the regulatory framework for cryptocurrencies and initial coin offerings (ICO).

In March of this year, Binance revealed that it would be setting up an operational base in the country. More recently, the company announced that it will launch a new crypto exchange from its Maltese base that will facilitate crypto-fiat trading.

“We moved our operations to Malta precisely because it has demonstrated its progressive approach to supporting and developing the crypto and blockchain industry, Binance said in a statement. “Malta is creating a safe and legislated environment for the industry to become reputable, attracting companies like ours and many others. The Malta Stock Exchange reflects these values, providing the infrastructure for entrepreneurs and start-ups to flourish in what is otherwise a highly competitive industry.”

Earlier this month, Binance signed a memorandum of understanding (MoU) with Digital Jersey, an industry organization on the island of Jersey, to deliver training as part of organization’s digital skills program and other services with the purpose of promoting the blockchain industry on the island.