Binance Funds $116M Initiative to Grow French Crypto Ecosystem

The world’s biggest crypto exchange has teamed with nonprofit French Fintech to build a research hub and accelerator.

Nov 3, 2021 at 8:00 p.m. UTC
Updated Nov 3, 2021 at 8:23 p.m. UTC

Crypto exchange Binance and French Fintech, a nonprofit focused on promoting financial technology in France, have launched an initiative to support the development of the French and European blockchain and cryptocurrency ecosystem.

  • As part of the initiative, called “Objective Moon,” Binance will provide €100 million ($116 million) to establish a research and development hub in France that will recruit talent from across Europe.
  • The money will also create a decentralized ledger technology (DLT) accelerator to help fuel startup growth and build out the ecosystem in France and Europe.
  • Lastly, an online education program aims to develop crypto and blockchain talent in the region. French Fintech and Binance have teamed with crypto security and infrastructure company Ledger on the program.
  • “At Binance, we recognize 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, we can significantly contribute toward making France and Europe the leading global player in blockchain and crypto industry,” said Changpeng “CZ” Zhao, founder and CEO of Binance, in the press release.

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Brandy covers crypto-related venture capital deals for CoinDesk.