Binance allocates $100M to accelerate blockchain and cryptocurrency development in France

  • Binance exchange is setting aside EUR100 million for a blockchain and crypto development initiative in France.
  • The initiative will focus on online learning, a DLT accelerator, and research and development in cryptocurrency and blockchain.

Regulatory hurdles have been in the way of Binance this year, but they have not deterred the exchange from advancing development in the blockchain and crypto space. The world’s leading exchange by daily traded volume has now announced a EUR100 million initiative for this purpose. Binance will be partnering with France FinTech, a leading non-profit organization whose mission is to promote FinTech excellence in France. Together, the two will pull resources to develop the French and European blockchain and cryptocurrency ecosystem.

Dubbed “Objective Moon,” the initiative will focus on three primary blockchain innovation projects in France. The first is an online Education Programme to discover and nurture France’s crypto and blockchain-related talent.

Crypto wallet manufacturer Ledger and France-based online educational platform OpenClassrooms will contribute to this program. Online learning will inform those seeking to know more about blockchain technology and its career opportunities.

The second project is dedicated to developing a Decentralized Ledger Technology (DLT) accelerator, to speed up the growth of blockchain. DLT is seen as a critical enabler of blockchain security which is an essential feature especially with the increase in a mainstream audience.

Binance on crypto and blockchain development

Last among the projects is a Binance Research and Development (R&D) hub where innovation and improvement will take place. Binance will recruit crypto and blockchain talent across France and Europe for this R&D project.

Of the initiative, Alain Clot, Chairman of France FinTech said:

France Fintech believes that France is uniquely positioned in terms of regulation, talent, and expertise to be the leading player in Europe in the field of decentralized finance and we believe that the collaboration started with Binance today will allow the entire ecosystem to grow significantly in the coming years.

Notably, the Objective Moon Accelerator will focus on building the DLT ecosystem since security is placed at high priority.

Binance founder and CEO Changpeng Zhao (CZ) commented:

“At Binance, we recognize the quality of French and European tech, crypto, and blockchain talent, and we are convinced that with the launch of Binance’s major operations and investment in France, we can significantly contribute toward making France and Europe the leading global player in blockchain and crypto industry.

On the flipside

Another development expected to boost up Binance is its clearance to resume operations in the UK after meeting regulatory provisions.

Additionally, the network recently proposed the BEP-95 daily token burning mechanism to add to its deflationary mechanisms.

Read More: Binance proposes a real-time token burning mechanism to boost BNB value

Binance Coin (BNB) as of this writing, was trading at $561.39, a 1.9 percent 24-hour gain and 31.3 percent gain in the month, per our data. The coin is, however, yet to re-live its May all-time high of $675.

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