Crypto exchange Binance is backing a Malta Stock Exchange program designed to support fintech and crypto startups.
According to a tweet by the MSE’s official Twitter account, it will accept up to twelve fintech companies to utilize the facilities proposed within the newly established program:
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
MSX FinTech Accelerator Programme aims to support and mentor fintech startups and entrepreneurs to become more competitive. Within the program, entities will be offered services such as in-house accounting and payroll, facilities including offices and conference rooms, a training center, and communication services. Thomson Reuters has also reportedly joined the program as a mentor.
Commenting on the accelerator program, the MSE chairman Joseph Portelli said that the exchange will enable both local and foreign organizations to bring their products to the market faster by offering “easy access to a readymade solution.” A Binance spokesperson said:
“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. The Malta Stock Exchange reflects these values, providing the infrastructure for entrepreneurs and start-ups to flourish in what is otherwise a highly competitive industry.”
Binance is one of the largest digital currency exchanges in the world, with a 24 hour trading volume of nearly $1.2 billion at press time. Currently its token Binance Coin is trading at $16.68 with a total market capitalization of $1.9 billion, according to CoinMarketCap. Binance is also working on the launch of a new Malta-based cryptocurrency trading platform which will allow crypto-fiat trading by the end of the year.
Earlier this month, Binance made an undisclosed investment in Malta-based blockchain-powered esports voting platform chiliZ. Binance and chiliZ will reportedly “join forces” to provide the sports industry with a “fan-driven token ecosystem for traditional sports teams.”
In April, Binance partnered with Ugandan blockchain organization Crypto Savannah in order to support economic development of the East African country. The partnership will promote “economic transformation” by generating employment as well as attracting investment to Uganda.