Binance Is Expanding Its Activity To Jersey

Just now starting its expansion into the European island of Malta, Binance which is one of the world’s largest cryptocurrency exchange, has declared that it will develop up to 40 new labor places in Jersey.

The exchange operator opened the scheme in a statement with regional organization Digital Jersey, mentioning that both parties had concluded a memorandum of understanding underling their plans to participate on initiatives intended to expand the Crown dependency’s position as a center for blockchain progression.

Changpeng Zhao, CEO of Binance said:

“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”

As per the statement, the Binance Foundation will offer professional training and other backup to  blockchain ecosystem of Jersey, meanwhile Binance Labs will send capital from its $1 billion venture fund toward regional startups. Digital Jersey, in its turn, will assist Binance create regional banking relationships and reach exchange licensing form the government.

Zhao has as well mentioned that the Hong Kong-established exchange is in negotiations with regulating authorities and possible banking partners in Taiwan.

Remarkably Binance affirms that its user base has quadrupled to 9 million in 2018, even as the cryptocurrency market has traded down and consumers have systematically lost interest in the formed asset class.