Binance to spend $115M in France to develop European crypto ecosystem

Binance CEO Changpeng Zhao announced the launch of the $115 million crypto and blockchain initiative during a conference in France.

Global crypto exchange Binance is starting a 100 million euro ($115 million) initiative to develop the blockchain and crypto ecosystem in French and Europe, Binance CEO Changpeng “CZ” Zhao announced in a talk with French Minister Cédric O at the French Ministry of Finance in Paris.

Binance is launching the new initiative, officially named Objective Moon, in partnership with the local financial technology association France FinTech. The association will help Binance connect and work with the local fintech sector, a Binance spokesperson told Cointelegraph.

According to the announcement, Objective Moon would see the development of a Binance Research and Development hub in France. To this end, the crypto exchange plans to recruit crypto and blockchain talent from across France and Europe.

As part of the $115 million initiative, Binance aims to start a decentralized ledger technology accelerator named Objective Moon Accelerator and an online education program to raise new talent for the crypto and blockchain industry. France-based online education platform OpenClassrooms and crypto hardware provider Ledger will also contribute to the development of the education program.

“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,” France FinTech chair Alain Clot commented on the initiative. He said that the collaboration with Binance will support the growth of the entire ecosystem.

Speaking highly of French and European tech and talent, CZ said that Binance plans to help make France and Europe the leading global player in the blockchain and crypto industry by launching its major operations and investments in the country.

Related: Binance to launch $1B fund to develop BSC ecosystem

Known for its “decentralized” structure, Binance was reportedly seeking a headquarters in Europe. As Cointelegraph reported, the exchange had established three subsidiaries in Ireland in September. CZ then told Bloomberg that Binance is looking to set “a few headquarters in different parts of the world.”