Bermuda partners with Binance for the development of FinTech and blockchain educational programs in the country. On April 27, a memorandum of understanding (MOU) for the establishment of the said programs was signed by Bermuda Premier and Minister of Finance David Burt and Binance founder and CEO Changpeng Zhao.
Burt and Zhao apparently see eye to eye as Burt commented that the crypto exchange giant’s goals are in line with the country’s “aims and objectives to provide a leading well-regulated jurisdiction ideally suited to the growth of the FinTech industry.”
Burt has also revealed Binance’s plans on developing a “global compliance base” in the country–adding 40 jobs with at least 30 to be offered to Bermudians.
Proud to announce @BdaGovernment’s partnership with @binance to establish a Global Compliance Centre in #Bermuda creating 40 jobs. Binance will invest $10 million in education for #Bermudians, and $5 million in #Bermuda based blockchain companies. pic.twitter.com/UxKmNdRPUM
— Premier David Burt (@BermudaPremier) April 27, 2018
As stated in Burt’s tweet, the MOU involves a $10 million investment from the Binance Foundation towards university level education in blockchain tech development. Binance Labs is investing $5 million on blockchain companies in the country.
After regulatory issues with China, Japan and Hong Kong, Zhao set off to look for blockchain-friendly and crypto-friendly countries in which to do business. He finds Bermuda to be a great addition to that list:
“We think the Bermuda government and regulatory body are one of the most approachable, most reasonable, and most forward-thinking bodies on the planet.”