TL; DR Breakdown
- Binance and France Fintech collaborate in bringing the project ‘Objective Moon’ to light.
- The initiative will be a boost to the French and European crypto industries.
An announcement on the Binance official website stated its contribution of 100 million euros to progress the Objective Moon initiative. The initiative hopes to advance the crypto sector within France and the European region at large. It will also open up three projects in France related to cryptocurrencies and blockchain technology.
Changpeng Zhao, the CEO of Binance exchange, made the official announcement of Objective Moon during a conference in France. The French Minister of State for Digital Transition and Electronic Communication was in attendance, Cedric O. The meeting went down at the French Ministry of Finance.
Moreover, it will take the Binance Research and Innovative Hub to the next level in France. Binance will be the sole contributor to the project, hoping to achieve its objectives with the Objective Moon accelerator, a Distributed Ledger Technology accelerator.
It also wishes to roll out an educational program in France concerning blockchain and crypto. Today, it will be in joint partnership with France Fintech and Ledger, notable names within the crypto sector. This move will boost crypto’s potential within France and widen the scope of crypto adoption.
Objective Moon to benefit the region
The Binance- France Fintech partnership will create jobs for innovative minds in France through the Binance Research and Innovative Hub. Furthermore, the education program will be a pathway to opening the eyes of many to the opportunities lying in crypto and blockchain.
According to Changpeng Zhao, Binance believes in the hidden potential within the French and European sectors. He added that deploying crypto projects in the region will boost this potential to something more tangible. Binance, being among the leading and largest crypto sector today, will undeniably make the much-needed changes in the region.
France Fintech’s Chairman Alain Clot backs the Binance CEO in the same vision. In his opinion, France is in an excellent position to assimilate crypto due to its regulation, profession, and innovative potential. At the same time, both entities do not expect immediate results. They believe that the next few years will build a unique ecosystem based on crypto and blockchain.
Europe is a notable crypto hub
According to a September report by Chainalysis, the European region stands as the most prominent crypto hub globally. It overtook East Asia that was on a leading streak in the past. The vigilance of countries like Germany, the UK, and Switzerland supporting crypto as an efficient medium of exchange. Furthermore, the region holds the most crypto ATMs worldwide.
However, it also faces issues in finding clear regulations for the crypto sector. Some countries, such as Liechtenstein, which implemented the Blockchain Act, see a more precise way to deal with this. The European Union is taking steps to deal with the same, which could benefit the Objective Moon initiative.