Binance Signs A MOU With Bermuda, Plans A $15 Million Investment Pact

According to recent reports, Bermuda’s Premier and Minister of Finance, David Burt, has recently signed a memorandum of understanding (MOU) with Binance Group, the operator behind the leading cryptocurrency exchange Binance.

The founder and CEO of Binance, Changpeng Zhao, has met with David Burt during his trip to Bermuda. They together signed the MOU that will see the Binance Foundation provide around $10 million of university training in the country in blockchain development and compliance.

On top of this, the MOU states that the Binance Labs will invest up to $5 million in the new Bermuda-based blockchain companies. As Premier David Burt said:

“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$1.3B. 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.”

What’s interesting is that with both signatures on the MOU, Bermuda will likely become a blockchain hub. The country will embrace the digital future of cryptocurrencies and attract many fintech entrepreneurs.

Following the launch of the Blockchain Task Force last year, Bermuda is moving forward with ICO legislation and plans to become the first country that will regulate ICOs. Aside from that, it is already an attractive business and offshore financial hub for international businesses due to the fact that there is no corporate income tax.

Meanwhile, Binance has surpassed one of the largest banks in the world (Deutsche Bank) in terms of its profitability in the first quarter of 2018.