Binance to Invest 15 Million USD in Bermuda
According to the news report by Bernews on April 27, Bermuda’s Premier and Minister of Finance, David Burt has signed a MoU (Memorandum of Understanding) with Binance on Friday. The MoU effectively establishes the funding needed for FinTech educational programs and for the Blockchain startups.
He signed the MoU with the founder and CEO of Binance, Changpeng Zhao. Binance is the second largest cryptocurrency exchange in the world going by their market cap.
Premier and Minister of Finance of Bermuda David Burt signed a memorandum of understanding (MOU) with Binance Group on Friday, Bernews reports April 27. The MOU establishes funding for educational programs related to fintech and blockchain startups. He informed the attendees of the press conference about the memorandum saying:
“Binance has decided that their goals align with our aims and objectives to provide a leading, well regulated jurisdiction, ideally suited to the growth of the FinTech industry. And so today, we are pleased to sign a Memorandum of Understanding that sets out the beginnings of a partnership that I am confident will benefit the people of Bermuda”
With the partnership, Binance would be developing a global compliance base in the country. They would create at least forty jobs in Bermuda out of which at least 30 jobs would be given to the Bermudians. In addition to creating jobs, the Binance Foundation would sponsor university-level training in the blockchain technology development and compliance for Bermudians. The expected amount to be spent on the training would be up to 10 million USD.
Binance Labs would also make around 5 million USD available for investing in the new blockchain companies based in Bermuda. They would also be developing a Digital Asset Exchange in Bermuda which would be subject to all of the legal and regulatory processes required.
They would be working in a collaboration with the Government of Bermuda and the agencies which oversee the development and improvement of a legal and regulatory framework which would be robust.