The leading cryptocurrency exchange – Binance – and the non-profit association – France FinTech – joined forces to create a €100 million ($116 million) blockchain project in Europe.
It will come by the name of “Objective Moon,” whose goal is to support the development of the digital asset industry in France and the rest of Europe.
According to the press release, the joint venture will develop three key cryptocurrency projects in France. Namely, those are a Binance Research and Development hub in France, a Decentralized Ledger Technology (DLT) accelerator, and a new online Education Programme that will look for talented people in the crypto space.
OpenClassroom and Ledger will also participate in the project as they will focus on the educational front, while Binance will provide the $116 million funding for the entire initiative. Changpeng Zhao – Founder and CEO of the exchange – believes the mutual efforts can escalate Europe, and more specifically France, to a top spot in the digital asset industry:
“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.”
Alain Clot – Chairman of France Fintech, described France as a country “uniquely positioned in terms of regulation, talent, and expertise to be the leading player in Europe in the field of decentralized finance.” The collaboration with Binance should enable expansion of the entire ecosystem in the years to come, he concluded.
As CryptoPotato reported last month, Banque de France – the nation’s central bank – created an allience with Société Générale, BNP Paribas, and Crédit Agricole CIB to test how a central bank digital currency would interact with the French debt market. The leader of the initiative was the Belgian financial services company – Euroclear.
The institutions traded government bonds and settled the transactions with a CBDC over a 10-month trial program. The project also tested the effectiveness of such a digital token on a range of everyday activities like paying coupons, issuing new bonds, redeeming deals, and respectively employing them in repurchase agreements.
According to Isabelle Delorme – Deputy Chief Executive of Euroclear France – the experiment has been successful since the CBDCs have shown they “can settle central bank money safely and securely.”