Reports have confirmed that Bermuda’s Premier and Minister of Finance, David Burt has signed a memorandum of understanding (MOU) with Binance Group, the operator of the world’s largest cryptocurrency exchange.
During a trip to Bermuda, Binance founder and CEO Changpeng Zhao met with David Burt to sign an MOU that will see the Binance Foundation provide up to $10 million of university training in Bermuda in blockchain technology development and compliance. The MOU also states that Binance Labs will invest up to $5 million in new Bermuda-based blockchain companies.
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.”
Bermuda, a Blockchain Hub?
The announcement comes two week’s after Bermuda sent a clear message to the world that it wants to become a hub of blockchain innovation, embrace the digital future of cryptocurrencies and attract fintech entrepreneurs. Next month, the Virtual Currency Business Act is scheduled for discussion, covering areas such as ICOs, virtual currency exchanges, wallets and virtual currency services vendors. The legislation aims to address the intersection of cryptocurrency and fiat, overcoming issues of fraud and market manipulation.
Following the launch of a Blockchain Task Force last year, Bermuda is also moving forward with ICO legislation as it plans to become the first country to regulate ICOs.
During the meeting, Premier David Burt commented that the partnership was a meeting of goals and objectives: “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.”
Bermuda is an international business and offshore financial hub already attractive to international business due to the fact that it has no corporate income tax. Burt’s progressive attitude towards cryptocurrency and blockchain should come as no surprise. The youngest ever Bermudian Premier started up his own IT consulting company before entering politics.
The announcement follows news that Binance surpassed one of Europe’s largest banks in profitability this year. In the first quarter of 2018, Deutsche Bank, Germany’s biggest bank and one of Europe’s leading financial institutions, recorded a profit of $146 million. Binance, the world’s biggest cryptocurrency exchange, recorded a profit of $200 million.
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