Binance is well known in the cryptocurrency world for it’s leading reputation, and they’ve decided to help the Malta Stock Exchange with their new program for supporting startups. Their endeavor is mainly targeting fintech startups, along with the entrepreneurs that developed them.
Even though Malta is only a small archipelago between Sicily and North Africa, they want to promote a more stimulated economy through the development of new crypto opportunities. They aren’t the only small region to want a piece of this industry; Bermuda, Liechtenstein, Gibraltar, San Marino, and other microstates have joined the industry as well.
This project, the MSX Fintech Accelerator, wants to develop an environment that helps new investors and entrepreneurs to break into the crypto world. However, rather than just providing financial support, they also offer development and business services for users.
The @MaltaStockExch is pleased to announce the MSX Fintech Accelerator. Will accept up to 12 Fintech Cos. to utilize our facilities.Thank you @binance & @cz_binance for a lead mentoring Co.@JosephMuscat_JM @edward_scicluna @SilvioSchembri https://t.co/jSLNTmanI8
— Malta Stock Exchange (@MaltaStockExch) June 18, 2018
Some of the benefits that they offer include in-house accounting, payroll record-keeping, and office space for owners. Though Binance is the main focus of their partnerships, MSX has also partners with Thomson Reuters. This program alone is making it much easier for domestic and foreign businesses to engage in the crypto world.
The chairman of the Malta Stock Exchange, Joseph Portelli, made statements about the partnership, saying,
“It is clear that Malta is becoming a fintech and blockchain center of excellence.”
On the official Twitter account for the MSX, the company said that there would be openings for up to 12 different Fintech startups. In regard to these announcements, Binance released the following statement as well: “We moved our operations to Malta precisely because it has demonstrated its progressive approach to supporting and developing the crypto and blockchain industry. Malta is creating a safe and legislated environment for the industry to become reputable, attracting companies like ours and many others.”