Crypto-exchange Binance is strengthening its presence in France after a troubled year of regulatory scrutiny.
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The world's largest cryptocurrency exchange is funding a €100 million initiative with industry group France FinTech in an effort to support the cryptocurrency and blockchain sector in France.
The initiative, announced in November and dubbed Objective Moon, will see Binance establish a research and development office in France and collaborate on a startup incubator program and training programs.
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“The goal of Objective Moon is really to develop an ecosystem and to nurture and accelerate an ecosystem. You can’t do it alone,” David Princay, French GM of Binance, told CNBC.
“We also need to be able to capture talent and have more opportunities to grow,” he said of plans to open an R&D office. “Having an R&D center is a step we need to take for our next evolution.”.
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Ledger, the French crypto hardware company recently valued at $1.5 billion, and edtech company OpenClassroom are joining Objective Moon to develop educational programs.
France may prove to be fertile ground for the initiative given its growing fintech scene.
Information source: cnbc.com
