David Burt, the Premier and Minister of Finance of Bermuda has signed a memorandum of understanding (MOU) with the Binance Group. This was formally announced during a joint press conference on April 27,2018. The MOU will enable Binance to provide funding for educational courses in the field of blockchain technology and fintech in Bermuda. It is part of Binance’s ongoing attempt to foster innovations in the field of blockchain technology. The company also recently partnered with Crypto Savannah, a blockchain enterprise in the East African nation of Uganda to support the development of blockchain technology innovation in the country.
The MOU will see Binance investing $10 million on college certifications for Bermudians in Blockchain and allied technologies. The program will be coordinated by the Binance Foundation. Binance will also invest a further $5 million in blockchain startups based in Bermuda.
Speaking during the joint press conference, Premier David Burt who also doubles as the country’s minister of finance said that:
“Today, I am pleased to announce such a partnership. 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$1.3BN. 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.”
On his part, Changpeng Zhao, the founder and CEO of Binance said that Bermuda was crypto-friendly country. He described the government as being “one of the most approachable” in the world and that his company was looking forward to investing in the country. Binance is planning to establish an office in the country which is expected to employ as many as 40 people out of which at least 30 will be Bermudians. According to Zhao, the company is already working with local authorities to make sure that the new office is set up in line with existing laws.
Bermuda is looking to become a crypto hub by developing an enabling regulatory framework for cryptocurrency and blockchain technology. Zhao even acknowledged that the country is one of the foremost in terms of cryptocurrency regulations. According to Zhao, Binance is also committed to helping the government improve upon its existing crypto regulatory infrastructure.
Bermuda is also looking at ICO regulations carefully as the country aims to become the first in the world to comprehensively govern ICOs. According to Premier Burt, the government wants to maintain its integrity and reputation for being a place with adequate investment regulations. With this in mind, the country will do it can to create a safe ICO environment for entrepreneurs and investors alike.
Binance is the second-largest cryptocurrency exchange platform in the world, in terms of market capitalization. Zhao also touched on the recent lawsuit filed by Sequoia, declaring that it has been rejected by the court and that Sequoia has been ordered to pay Binance’s legal fees.