Binance Group, the operator of the world's largest cryptocurrency exchange, has announced a $15 million investment plan in Bermuda in partnership with the government of the tiny island nation.
Under a memorandum of understanding (MOU) signed by Bermuda's Prime Minister David Burt and Binance founder and CEO Changpeng Zhao, the Binance Foundation will invest $10 million to provide university level training in blockchain technology for local residents.
Binance will also invest $5 million in new Bermuda-based blockchain companies.
Burt, who is also the Finance Minister of Bermuda, said on Twitter that Binance will establish a Global Compliance Centre in Bermuda creating 40 jobs.
Bermuda is an established offshore financial hub. The government of the self-governing British Overseas Territory is advancing a welcoming regulatory environment for cryptocurrency firms.
Last week, the British House of Commons passed Bermuda's Virtual Currency Business Act. The bill, which comes to the Senate this week, seeks to foster the development of the local cryptocurrency industry. It covers the issuing and selling of cryptocurrencies, ICOs, exchanges, wallets and other services.
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