Binance Signs Agreement With Bermuda Gov't On $15 Mln Investment, Jobs

Premier and Minister of Finance of Bermuda David Burt signed a memorandum of understanding with Binance Group on Friday, Bernews reports April 27.

Burt signed the MOU with Changpeng Zhao, founder and CEO of the world's world's world's second largest cryptocurrency exchange by market capitalization.

Burt stated that Binance plans to develop a "Global compliance base" in Bermuda, a move which Burt says will add around 40 news jobs, at least 30 of which will go to Bermudians.

According to the MOU, Binance will spend up to $10 mln on university level training for Bermudians in blockchain technology development and compliance through the Binance Foundation.

The company will also provide up to $5 mln in investments in new Bermuda-based blockchain companies through Binance Labs.

The Bermuda government reportedly plans to develop a friendly legal framework for virtual currencies and blockchain.

"We think the Bermuda Government and regulatory body are one of the most approachable, most reasonable and most forward-thinking bodies on the planet."

Burt said that the government wants to make Bermuda "The first country in the world" to "Comprehensively govern" initial coin offerings within the country's jurisdiction.

"We want to ensure that Bermuda is the world's number-one place for regulation inside of this space. We have a reputation to protect, we will protect it, but at this point in time we will work with all persons who we believe represent future growth for the people of this country and future opportunities and jobs."

Earlier this week, Binance partnered with Ugandan blockchain organization Crypto Savannah to support economic development and youth employment in the country.