Binance Offers Support To Malta Stock Exchange’s Startup Accelerator
Binance, an international multi-language cryptocurrency exchange, averages $1.4-1.5bln in trades daily, and it netted some $150 million in earnings from the first quarter of 2018 alone. Over a period of a month, Binance listed five coins – Theta [THETA], Civic [CVC], Skycoin [SKY], ZenCash [ZEN], and TrueUSD [TUSD]. The listed tokens have seen significant appreciation in the prices.
In March this year, Binance declared that it was going to open an office in Malta. Earlier in June, Binance founder and CEO Changpeng Zhao announced the company has set up a bank account in Malta. Binance was facing regulatory hurdles in other countries. Mr. Zhao reiterated his confidence about progressive nature of Malta when it comes to Fintech. Binance was welcomed by Joseph Muscat, Prime Minister and Leader of the Labour Party of Malta. Mr. Muscat had displayed optimism and pragmatic approach towards blockchain technology companies and cryptocurrencies. Several cryptocurrency exchanges are making a beeline to Malta due to the favorable regulatory framework.
Last week, Bloomberg reported that Binance would allow euro trading later this year from its Malta operations. Zhao said there are plans to add other fiat currencies. Binance’s decision to set up a bank account in Malta was a strategic one. It would enable fiat-to-crypto deposits and withdrawals on its platform. This new offering by Binance will boost liquidity and make it lucrative for investors to use fiat currencies.
— Bloomberg Crypto (@crypto) June 11, 2018
Today Malta Stock Exchange has announced that Binance is supporting the exchange’s newly launched startup accelerator program called the MSX FinTech Accelerator Programme. The program is intended to assist fintech and crypto startups and will guide and handhold the projects to compete with their international rivals. The program will give the startups services and amenities like in-house accounting services and payroll, as well as office space, state of the art communication, conference rooms, and a training center.
The @MaltaStockExch is pleased to announce the MSX Fintech Accelerator. Will accept up to 12 Fintech Cos. to utilize our facilities.Thank you @binance & @cz_binance for a lead mentoring Co.@JosephMuscat_JM @edward_scicluna @SilvioSchembri https://t.co/jSLNTmanI8
— Malta Stock Exchange (@MaltaStockExch) June 18, 2018
Joseph Portelli, chairman of the Malta Stock Exchange, said: “It is clear that Malta is becoming a Fintech and blockchain center of excellence and we want to allow local and foreign companies the ability to bring their ideas to the market faster. This programme offers foreign entrepreneurs easy access to a readymade solution at one of Malta’s most prestigious addresses – the Malta Stock Exchange.”
Malta has proposed regulatory framework to attract companies dealing with crypto. Malta has been a hot spot for crypto firms, and it has been home to top five cryptocurrency exchanges, including Binance, in the world.
Image via Malta Stock Exchange Twitter Page
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