Binance Injects $15M Into Bermudan Blockchain Ecosystem; New Crypto Exchange “Soon” – Zhao Changpeng
On Friday, Zhao Changpeng (CEO & Founder, Binance) visited Bermuda. Indeed, this was no holiday (despite what the Bermuda shorts might suggest), as the Binance CEO signed a significant MOU and partnership with the Bermudan Premier and Minister of Finance, David Burt. The signing ceremony – covered by a leading Bermudan news service – was open to the press; both Zhao and Burt took questions afterward.
Binance Giving $15M, New Exchange, Head Office
In a bold pledge that exhibits how bullish Zhao is on Bermuda’s ability to cultivate a flourishing blockchain ecosystem, Friday’s MOU saw the Binance Foundation and Binance Labs (incubator program) commit up to US$15 million for injection into the Bermudan domestic economy. The former will use up to $10 million to sponsor local university-level training in blockchain technology, whilst the latter has pledged up to $5 million “for investments in new Bermuda-based blockchain companies.”
The Bermuda government and the regulatory bodies are one of the most approachable, most reasonable, and most forward-thinking bodies on the planet.”- Zhao Changpeng
Through the partnership, Binance has also proposed to develop a Digital Asset Exchange in Bermuda “as soon as practicable.” Also, Binance plans to establish its global compliance head office in Bermuda. This will create no less than forty local jobs; at least thirty of these positions are to go to Bermudians.
Bermuda Leads ICO Law
Upon signing, the Premier declared it a “historic day for Bermuda.” MPs of the island nation will soon return to Parliament, and high up on the agenda will be to debate the Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018.
“Bermuda will be the first country in the world to pass legislation that will comprehensively govern the issuance of initial coin offerings in this jurisdiction.”- David Burt
Show Me The Money
Indeed, a company opting to invest $15 million in a foreign economy is rarely seen, especially when that company is not yet one year old. The question on everyone’s mind, then, is how on earth is Binance Group already able be liberally invest in basically any project they deem suitable?
The answer has everything to do with the market they operate in. Indeed, Binance leads a crypto asset industry that is astonishingly lucrative. At Friday’s press conference, the Bermudan Premier stated that Binance had “a market capitalization of US$1.3 billion.”
Branches . – 2434
Employees . – 98720
Years in Business – 148
USD Quarter Profit – $146m @binance
Branches – 0
Employees . – 300
Years in Business . – 1
USD Quarter Profit – $ 200m
— Ran NeuNer (@cryptomanran) April 27, 2018
Clarification On Legal Dispute With Sequoia Capital
In the joint press conference, Zhao was asked whether the company’s “ongoing legal dispute” with Sequoia Capital could cause Binance to delay their promised contributions to the Bermudan economy. Zhao informed the journalist that “the Hong Kong High Court has already rejected it and have ordered Sequoia to pay for our legal fees.” Zhao referred the media to the April 26 announcement, where the Binance Legal Team elaborate on this ruling.
Asked if Binance was dealing with any other pending litigation, Zhao replied, “not that I know of, no.”
It seems that roughly every other day, the Binance leader finds himself in another country, mingling with governments and industry leaders en route to not only expanding his world-leading cryptoasset exchange – the native platform for the ~US$1.63 billion market-valued Binance Coin (BNB) – but to accelerate global adoption of cryptocurrency and distributed ledger technology.
Indeed, preceding Bermuda were various international trips that proved equally worthwhile for Mr. Changpeng, including Malta, Togo, Uganda, and Taiwan. The latter was also visited by Justin Sun (CEO & Founder, Tron Foundation) earlier this week.
Had the rare privilege of a photo with Mr. President of Togolese Republic Faure Gnassingbé (center), Athena Yu (from left), Helen Hai (Binance Foundation), He Yi(cofounder), me, Ben (Binance Labs). This is before Uganda. pic.twitter.com/jWoo8s8KGu
— CZ (@cz_binance) April 24, 2018
Image From Shutterstock