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t a joint press conference on Friday, David Burt, Premier and Minister of Finance of Bermuda signed an MOU with Binance Group to establish funding of up to $15 million for educational programs related to fintech and Blockchain startups.
According to the MOU, $10 million will be invested for Bermudians in blockchain technology development and an additional $5 million will be put in new Bermuda-based blockchain companies or blockchain startups.
Burt said:
«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».
In addition to setting up a new office in Bermuda, Binance will ‘work collaboratively with the Government of Bermuda and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework. They would also ‘commit to helping the local economy.’
Binance wishes to create a friendly legal framework for cryptocurrencies and blockchain. Based on a research conducted by them, Bermuda’s regulatory body is one of the most approachable, reasonable and forward-thinking bodies.
Source: https://ambcrypto.com/bermuda-premier-signs-mou-with-binance/