Binance Strikes $15 Million Crypto Investment Deal With Bermuda
Per the agreement, the Binance Charity Foundation will donate $10 million for educational programs centered around blockchain technologies. An additional $5 million will be used to invest in blockchain startups.
Binance founder and CEO, Zhao Changpeng, stated that Bermuda’s regulatory bodies and government “are one of the most approachable on the planet,” and said the company is committed “to helping the local economy.”
“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,” Premier David Burt said during the conference.
Additionally, Binance will assist the Bermuda government in developing a regulatory framework for cryptocurrencies and blockchain. During his closing statement, Burt mentioned that Bermuda intends to pass regulation regarding initial coin offerings (ICOs) and that the country will “comprehensively govern” ICOs launched within its 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 we will work with all persons who we believe represents future growth for the people of this country and future opportunities and jobs,” Burt exclaimed.