Binance Focused on Investing More in Portugal, Sees It as a Technological Center for Europe
Binance, currently the world’s largest crypto exchange, has announced it is joining the Portuguese Blockchain Alliance to further its growth in Europe. The Alliance is a non-profit association that constitutes companies like Microsoft, Vodafone, Everis, BBVA, and more than twenty law firms operating in Portugal. The news was revealed through a statement by the Binance team in Portugal.
What Does This Mean for Portugal?
According to Alberto, Head of Binance in the Iberian Peninsula, Portugal is a technological center for all Europe, making it a better place for Binance to develop this cutting-edge ecosystem.
Alberto adds that the agreement made and sealed signifies Portugal’s strategic significance to Binance. Binance is very much determined to make investments in Portugal and hire local talent to promote the blockchain and other related works by the Portuguese business class.
Also, Serapicos, the Portuguese Blockchain Alliance president, also noted the association with Binance, adding that both teams will be launching some blockchain and crypto training programs in the country. Binance will be working to improve Portugal’s financial education and technological know-how. The firm will also bring in new talents to the blockchain space from Portugal in the near term.
Changpeng Zhao Visit to Portugal: Implementing The Agreement
The CEO of Binance globally has visited Portugal to fulfill some of the agreements Binance had made with PBA. According to Zhao, plans to launch the blockchain and cryptography training programs in coordination with the Portuguese Blockchain Alliance are in fact already underway.
Binance is also collaborating with the universities and management schools in Portugal to effect this training program and improve the local talent. The components of this program and the firm initiatives are to be revealed in weeks to come by Binance and the Portuguese Blockchain Alliance.
This shows that the agreement between PBA and Binance is long-term and underscores Bianance’s increasing global reach.
Binance and the Threat of Bans in Europe
These efforts in Lisbon by the crypto exchange also follow the June 2021 ban imposed on Binance by the FCA, the U.K. financial watchdog in Europe and the U.S. Binance has also faced similar headwinds in the US and other European countries.
But Zhao says Binance will be setting up shops in several places in Europe. Portugal is just an entry point to make extensions all over Europe. Binance intends to put up the shops’ locations in France, Gibraltar, and many others. The exchange sees these countries as friendly.
C.Z. also states that probably “friends” are the best way to expand Binance to spread across Europe. This is not so welcomed by the E.U. policy and regulators who are cracking up on the crypto industry, warning crypto fans to avoid putting all their money in crypto assets. The crypto industry is nearing $2.5 trillion in size, driven mainly by investors and traders.
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