Binance Joins France FinTech To Unleash A $116M Crypto Initiative In Europe

Binance, a leading crypto exchange has now partnered with the France FinTech non-profit association to spread crypto in Europe. The mutual efforts strive to accelerate the progress of the crypto sector in the region. The two platforms are believed to be creating a €100 million ($116 million) blockchain project going by the name of “Objective Moon.”

The goal of this project is to support the development of the digital asset sector in France and the entire European continent.

Binance Enhances Positions In Europe

Based on the press release, this joint venture will create three major crypto projects in France. These include a Decentralized Ledger Technology (DLT) accelerator, a Binance Research and Development hub located in France, and a new online Education Programme that is expected to look for talented individuals in the crypto sector.

Ledger and OpenClassroomare set to participate in this project since they will focus on the educational front. On the other hand, Binance will offer the $116 million funding for the whole initiative. The Founder and CEO of the exchange, Changpeng Zhao, thinks that this mutual partnership can escalate Europe, mostly France, to reach the top spot in the digital asset sector:

“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.”

The Chairman of France Fintech, Alain Clot, described France as a nation:

“uniquely positioned in terms of regulation, talent, and expertise to be the leading player in Europe in the field of decentralized finance.”

This collaboration with Binance should support the expansion of the whole ecosystem in the coming years.

France Wants To Create CBDC

Based on the reports that emerged in October, the nation’s central bank, Banque de France, developed an alliance with Société Générale, Crédit Agricole CIB, and BNP Paribas to test how a central bank digital currency (CBDC) would interact with the current French debt market. The leader of this initiative was Euroclear, the Belgian financial services company.

In that context, the institutions traded government bonds and settled the transactions with a CBDC over a 10-month trial program. This project also tested the effectiveness of the digital token on a range of daily activities like issuing new bonds, paying coupons, redeeming deals, and employing them on the repurchase agreements.

Based on a statement by the Deputy Chief Executive of Euroclear France, Isabelle Delorme, the experiment has been successful since the central bank digital currencies have shown that they “can settle central bank money safely and securely.”