The year 2018 has been pretty positive for the Binance exchange so far. Unlike what most people may have expected, the company is expanding its presence at an accelerated pace. Earlier this week, the company signed a Memorandum of Understanding with Bermuda’s Premier and Minister of Finance.
ANOTHER NOTCH IN THE BELT OF BINANCE
It appears there is no company in the cryptocurrency world which is as popular as Binance is right now. Considering its position in the industry, one would expect some companies and governments to be paying attention to Binance. However, it seems the company is firing on all cylinders right now, as Binance Group makes some sort of headline virtually every other day. This is a positive development for the cryptocurrency industry as a whole, though.
The company recently set up shop in Malta, and it now seems Binance Group is focusing on Bermuda. Although that country is not necessarily new to cryptocurrency or blockchain technology, not too many ventures have made headlines there in the past few months. At a press conference last week, Premier and Minister of Finance David Burt signed a Memorandum of Understanding with Binance Group. This seems to hint at a developing partnership between these two entities, which can only be considered a good thing.
Said Burt:
Binance has decided that their goals align with our aims and objectives to provide a leading, well regulated jurisdiction, ideally suited to the growth of the FinTech industry. And so today, we are pleased to sign a Memorandum of Understanding that sets out the beginnings of a partnership that I am confident will benefit the people of Bermuda.
The mention of a “well-regulated jurisdiction” is pretty interesting. It has become apparent that Binance wants to make a positive impact in the regulatory department all over the world. Doing so is not straightforward, as most governments remain opposed to cryptocurrency, for obvious reasons. It appears the government of Bermuda is taking a completely different approach, although it remains to be seen how this will play out exactly.
We do know that Binance Group plans to create at least forty jobs in Bermuda. This harkens back to the company’s recent announcement involving Uganda, where new jobs will be created as well. Most people tend to overlook the fact that cryptocurrency firms can create a lot of jobs, assuming governments allow this industry to thrive. Additionally, the Binance Foundation will sponsor university-level training in blockchain technology development. The Foundation will contribute up to $10 million to this venture, which is well worth keeping an eye on.
With Binance making such a positive impact on a global scale, it is of the utmost importance that other cryptocurrency exchanges and service providers try to take a similar approach. Bringing cryptocurrency to the masses will require a lot of collaboration between different entities. This means service providers have an important role to play too. So far, Binance is the only one trying to make an impact, but things may change over time.