The world’s largest crypto exchange, Binance, has joined hands with France Fintech for supporting the blockchain and crypto sector in France. The deal will see Binance financing an initiative that’s worth a whopping $113 million. The initiative has been dubbed ‘Objective Moon’ and was announced back in November 2021. It will also involve Binance establishing an R&D office in France. Binance will also be an incubator program collaborator for training programs and startups.
The French GM of Binance, David Princay, said that Objective Moon’s aim is to develop and accelerate the crypto and blockchain ecosystem in the country. He also stated that it’s impossible for countries in today’s times to develop and accelerate the ecosystem on their own. Princay added that having an R&D office in France is a necessary step that Binance needs to take to evolve. He also spoke of the importance of capturing French talent in the crypto and blockchain sector for the sector’s capabilities to grow bigger.
Objective Moon will also consist of educational program development, and to help in this aspect of the initiative, names like OpenClassroom and Ledger have been roped in. OpenClassroom is an edtech company, while Ledger is a France-based crypto hardware firm that was valued at $1.5 billion recently.
France’s fintech scene has been growing for quite some time, and the Objective Moon initiative is sure to take things to a whole new level, especially due to Binance’s involvement. However, there are some who are wary of this development because of Binance’s tussles with financial regulators through 2021.