Binance Invests $15 Million in Bermuda

May 2, 2018

Binance concluded an agreement with Bermuda and will invest $15 in the country in the next several months. This was announced at a joint press conference by the Prime minister of Bermuda David Burt. 

Burt declared that a memorandum of understanding between the exchange and the country has been signed. Under the memorandum, Binance Charity Foundation will invest $10 in the development of educational programs, related to blockchain technology, while $5 million will be invested in startups of the country. In addition, the exchange will consult the country about the development of cryptocurrency and blockchain regulation in Bermuda and will open an office there. 

David Burt said that this partnership will create 40 new jobs in the country, and 30 of which will be occupied by local people. CEO of Binance Zhao Changpeng said that the government and regulatory agencies of Bermuda are among the most affordable in the world, and the exchange is intends to develop the local economy. 

Zhao also provided with comments on the situation with a lawsuit filed by a venture capital company Sequoia Capital, that accused the exchange of violating an exclusivity agreement. CEO of Binance confirmed that the court has already made the decision and ordered Sequoia Capital to repay all legal costs. 

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