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Binance launches $116M initiative to accelerate crypto-adoption in France

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Binance, the world’s leading blockchain ecosystem and cryptocurrency platform, has been in the news for many reasons. Despite a few regulatory hiccups, the platform continues to take initiatives to accelerate the adoption of digital assets and blockchain technology.

Now, Binance and French Fintech, a non-profit focused on promoting financial technology in France, have launched an initiative to aid the development of the European blockchain and cryptocurrency ecosystem. Well, France in this particular case.

The “Objective Moon” initiative, funded by Binance, will see the development of a Binance Research and Development hub in France. The launch of the new €100M/$116M initiative was first revealed by CEO Changpeng Zhao.

It aims to develop three key cryptocurrency and blockchain innovation projects – A new Binance R&D hub in France, a Decentralized Ledger Technology (DLT) accelerator, and an online education program for French talent. OpenClassroom and Ledger will be handling the education front, the official blog noted.

Cédric O, Minister of State for Digital Transition and Electronic Communication in France, along with Binance’s CEO, underlined the importance of the initiative at a conference in Paris.

Moreover, the founder and CEO of Binance stated,

“At Binance, we recognise 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. (Binance) can significantly contribute toward making France and Europe the leading global player in blockchain and crypto industry.”

Alain Clot, Chairman of France Fintech, reiterated a similar optimism concerning the collaboration. He added,

“…we believe that the collaboration started with Binance today will allow the entire ecosystem to grow significantly in the coming years.”

Just recently, Binance launched a $1 billion Growth Fund for Binance Smart Chain.

Even so, it’s worth pointing out that Binance has been in the news for other reasons as well. Be it slaps on the wrists from regulators or exploits affecting projects on BSC.

Nonetheless, its native token (BNB) has been trading in the green zone following the news. At press time, it was trading just shy of the $600-mark, having appreciated by 2% in 24 hours.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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