Major Cryptocurrency Exchange Binance Planning An Expansion To Jersey

Big news is coming from the European island of Malta, which is where the world’s largest cryptocurrency exchange Binance is headquartered. According to the news, the exchange announced a new expansion that will create up to 40 new jobs in the town of Jersey.
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The exchange operator also unveiled a detailed plan in a joint statement with the local organization Digital Jersey, in which they outline the new memorandum of understanding that concretizes their plans to collaborate on initiatives that are designed to increase the Crown dependency’s status as a major hub for blockchain development.

The famous CEO of Binance, Changpeng Zhao, pointed out to the platform as the “next big step” in its global expansion strategy. As he stated:

“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”

The Binance Foundation is planning to provide training and other support to Jersey’s blockchain ecosystem, and Binance Labs will direct capital from its $1 billion venture fund aimed at local startups. Digital Jersey, on the other hand, will help Binance establish a local banking relationship and achieve exchange licensing from the government.

Currently, Zhao is in talks with regulators and potential banking partners in Taiwan too. Meanwhile, Binance says that its user base has quadrupled to 9 million in 2018 despite the lost interest in the nascent asset class.