Binance, the leading cryptocurrency exchange, and France FinTech, a non-profit association, have joined forces to create a €100 million ($116 million) blockchain project in Europe.
It will be known as “Objective Moon,” and its mission will be to support the development of the digital asset industry in France and the rest of Europe.
Binance Expands Its European Presence
The joint venture, according to the press release, will develop three key cryptocurrency projects in France. These include a Binance Research and Development hub in France, a Decentralized Ledger Technology (DLT) accelerator, and a new online Education Programme that will seek talented individuals in the crypto space.
OpenClassroom and Ledger will also participate in the project, focusing on education, while Binance will fund the entire initiative with $116 million. Changpeng Zhao, the exchange’s founder and CEO, believes that collaborative efforts can propel Europe, and particularly France, to the forefront of the digital asset industry:
“At Binance, we recognize the quality of French and European tech, crypto, and blockchain talent, and we are confident that by launching Binance’s major operations and investment in France, we can significantly contribute to France and Europe becoming the leading global players in the blockchain and crypto industry.”
France, according to Alain Clot, Chairman of France Fintech, is “uniquely positioned in terms of regulation, talent, and expertise to be the leading player in Europe in the field of decentralized finance.” He concluded that the collaboration with Binance should allow for the expansion of the entire ecosystem in the coming years.
France Is Interested in CBDC as well.
According to ULTCOIN365, the Banque de France – the country’s central bank – formed an alliance with Société Générale, BNP Paribas, and Crédit Agricole CIB to test how a central bank digital currency would interact with the French debt market. Euroclear, a Belgian financial services company, spearheaded the initiative.
During a 10-month trial period, the institutions traded government bonds and settled the transactions with a CBDC. The project also evaluated the utility of such a digital token in a variety of everyday activities such as paying coupons, issuing new bonds, redeeming deals, and employing them in repurchase agreements.
According to Isabelle Delorme, Deputy Chief Executive of Euroclear France, the experiment was a success because the CBDCs demonstrated their ability to “settle central bank money safely and securely.”