Digital Jersey, the economic development agency representing Jersey’s digital industries, is to corporate with giant blockchain exchange Binance, signing a memorandum of understanding (MoU) with a view to the two firms developing a compliance base and cryptocurrency exchange on the island.
The world’s largest cryptocurrency exchange is planning to set up the first Sterling to crypto exchange in Jersey – potentially bringing millions of dollars into the island’s economy, writes The Jersey Evening Post.
The aim is for to Digital Jersey to cooperate with Binance to deliver training to promote the Jersey’s young blockchain industry and to support the blockchain ecosystem with AML compliance issues and establish licensing and banking relations.
Tony Moretta, chief executive of Digital Jersey, said:
“It’s a sign of cryptocurrencies growing up in a way because they are scaling up and want to appeal to a wider selection of consumers and businesses by demonstrating they are well regulated and they know Jersey’s reputation is strong.”
Moretta said the collaboration will develop exchange and compliance functions in Jersey while delivering blockchain training to support startup growth. This hopes to bring 40 new jobs and Binance will seek to invest in the island’s fintech space and local startups through its venture capital subsidiary Binance Labs.
There are no official figures for Binance’s value, but its founder Changpen Zhao is estimated to have accrued a personal fortune in excess of over USD 2 billion. Ths company itself manages over USD 6 billion in trades in just 24 hours, it has been reported. On the Jersey deal, Zhao commented:
“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.”
Jersey is not the only island community of interest to the exchange giant. Binance has now set up in Malta, followed by similar plans from rival exchange OKEx and German blockchain firm Neufundand.
External relations minister Senator Ian Gorst, is positive about the new development for the island, commenting:
“This is absolutely the space where Jersey’s future is. I want to create hope for the Island’s future by a bringing together of its technological future and strength in financial services.”
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