Binance winks at French regulators with €100 million R&D blockchain project
The €100 million initiative aims to support the development of the French and European blockchain and cryptocurrency ecosystem.
Binance has launched a €100 Million initiative to create an R&D hub in France in collaboration with France FinTech.
France FinTech is a non-profit association that promotes financial technologies in the country. The NGO partnered with the world’s largest cryptocurrency exchange in a time when Binance looks to deal with its growing pains, namely within the regulatory sphere.
The €100 million initiative aims to support the development of the French and European blockchain and cryptocurrency ecosystem.
Cédric O, Minister of State for the Digital Transition and Electronic Communication in France at the French Ministry of Finance in Paris, was at the launch of the project along with Changpeng “CZ” Zhao, founder and CEO of Binance.
The initiative, “Objective Moon”, will comprise three key cryptocurrency and blockchain innovation projects in France. The funding, provided by Binance, will see the development of its Research and Development hub in France.
The initiative will also include the creation of a Decentralized Ledger Technology (DLT) accelerator and a new online Education Programme to develop blockchain and crypto industry talent in France.
Alain Clot, Chairman of France Fintech, commented : “France Fintech believes that France is uniquely positioned in terms of regulation, talent and expertise to be the leading player in Europe in the field of decentralized finance and we believe that the collaboration started with Binance today will allow the entire ecosystem to grow significantly in the coming years.”
CZ, founder & CEO of Binance said: “At Binance, we recognise the quality of French and European tech, crypto and blockchain talent, and we are convinced that with the launch of Binance’s major operations and investment in France, we can significantly contribute toward making France and Europe the leading global player in blockchain and crypto industry.”
The R&D hub in France will serve as a base for Binance to recruit cryptocurrency and blockchain talent in the country and Europe as the digital asset ecosystem becomes an increasingly attractive career opportunity.
The “Objective Moon Accelerator” will be a stepping stone for the upcoming Decentralized Ledger Technology (DLT) ecosystem in France and Europe.
In July, French regulators called EU governments to give the responsibility for overseeing cryptocurrencies to the pan-European markets watchdog, instead of national supervisors.
This is part of a wide-ranging reform that aims to give greater powers to the European Securities and Markets Authority (ESMA), the EU’s regulator based in Paris.
