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Binance Signs A MOU With Bermuda, Plans A $15 Million Investment Pact

Stefan by Stefan
28/04/2018
in Blockchain News
1 min read
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According to recent reports, Bermuda’s Premier and Minister of Finance, David Burt, has recently signed a memorandum of understanding (MOU) with Binance Group, the operator behind the leading cryptocurrency exchange Binance.

The founder and CEO of Binance, Changpeng Zhao, has met with David Burt during his trip to Bermuda. They together signed the MOU that will see the Binance Foundation provide around $10 million of university training in the country in blockchain development and compliance.

On top of this, the MOU states that the Binance Labs will invest up to $5 million in the new Bermuda-based blockchain companies. As Premier David Burt said:

“The Binance Group is the world’s largest cryptocurrency exchange and an international leader in digital exchange development and fintech, with a market capitalization of US$1.3B. Through the Binance Charity Foundation, the Group is committed to improving education, creating awareness in the development through the use of blockchain technology. Binance Labs are incubators to encourage greater innovation and scope for future investment in a variety of projects.”

What’s interesting is that with both signatures on the MOU, Bermuda will likely become a blockchain hub. The country will embrace the digital future of cryptocurrencies and attract many fintech entrepreneurs.

ADVERTISEMENT

Following the launch of the Blockchain Task Force last year, Bermuda is moving forward with ICO legislation and plans to become the first country that will regulate ICOs. Aside from that, it is already an attractive business and offshore financial hub for international businesses due to the fact that there is no corporate income tax.

Meanwhile, Binance has surpassed one of the largest banks in the world (Deutsche Bank) in terms of its profitability in the first quarter of 2018.

 

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: $15 millionbermudabinanceBlockchainfeatured
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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