Binance, the world’s largest exchange cryptocurrency exchange, will invest $15 million in Bermuda, under a new memorandum of understanding (MOU) signed with the country’s Premier David Burt, BerNews reports.
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.
Furthermore, Binance will help the Bermuda government develop a regulatory framework for cryptocurrencies and blockchain technology, and will open a new office in the country.
Changpeng Zhao, founder and CEO of Binance, said that research conducted by Binance shows that Bermuda has “one of the leading regulatory bodies” for cryptocurrency.
“Bermuda government and regulatory body are one of the most approachable, most reasonable and most forward-thinking bodies on the planet,” he added.
Binance earlier announced plans to open an office in Malta.
By Siranush Ghazanchyan