Crypto giant Binance tries to woo France with cash for Web3 start-ups
euronews.comBinance, the world’s biggest cryptocurrency exchange, has set its sights on France and announced it will help develop Web3 and blockchain projects in Paris.
Binance boss Changpeng Zhao, nicknamed "CZ", said at the Paris Blockchain Week Summit event on Wednesday that France can become the Web3 and cryptocurrency leader of the future.
“I think France has one of the most progressive and open-minded governments that could help in developing pro-crypto regulations,” Zhao said, adding that the country is uniquely positioned in terms of regulation and talent.
Zhao announced the Chinese company would help build Web3 and blockchain projects at Station F, the Parisian start-up incubator, as part of a €100 million injection into France, in an initiative dubbed Objective Moon.
There will also be new Binance offices in Paris, which will support early-stage start-ups, in areas like blockchain, Web3 and the metaverse. The start-ups that are selected will be hosted at Station F for free and could benefit from Binance subsidiaries.
Binance has long seen the potential in France, and in November it opened an office in Montrouge, a southern suburb of Paris, hiring 20 employees.
Binance now hopes to recruit 100 more employees by the end of the year, at new offices in central Paris.
But Binance has had a turbulent year with regulators around the world.
It was banned by Britain’s watchdog, the Financial Conduct Authority, over concern about a deal Binance struck with the payments provider Paysafe.
Binance was also investigated last year by the US Commodity Futures Trading Commission over possible insider trading.
The European Union too is grappling with how to regulate cryptocurrencies. Earlier this month, the European Parliament voted in favour of new
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