By
Chimamanda U. Martha
April 19th, 2024
Using the €100m Investment, Binance will set up an early-stage startup support program in Station F.
Leading cryptocurrency exchange Binance has injected a €100m investment into France. The firm also opened its space in Station F as part of its Objective moon project which it previously announced in November.
Binance has been looking to divest its interests even as it continues to expand into new territories across Europe. While speaking at the Paris Blockchain Week Summit, Changpeng Zhao (CZ) noted that France is ‘uniquely positioned to lead the blockchain industry in Europe.’ He expounded on his firm’s reasons for investing in France, stating that the government was very pro-crypto.
While acknowledging the good work that President Macron has done, CZ noted that Binance was not political. He stated that the firm will continue to go about its business regardless of the outcome of the French presidential election later in the month.
Back in November, CZ had stated that the firm hoped to get its license within 6 months. It remains to be seen whether the €100m investment will make that projection occur. Already, the firm has a 50-man strong team within the country.
€100M Investment: A Welcome Development
Using the €100m Investment, Binance will set up an early-stage startup support program in Station F. CZ affirmed Binance’s commitment to using the space as its creative and innovative platform. “This opening is a proof of engagement. We are committed to build and support a strong ecosystem around blockchain, Web.3 and metaverse,” he said.
Speaking about the development, Roxanne Varza, Director of STATION F said:
“We are so proud and excited to welcome the leading international player of the web3 space to STATION F.”
Varza believes the space will provide an entryway for people interested in learning about blockchain and cryptocurrencies.
As part of the partnership, startups will enjoy access to VCs, leading tech companies, and public administrations. Asides from this, the start-ups will enjoy support from the BNB Chain, NFT Labs and Binance Labs team. There will also be collaborations with Binance partners and mentorship sessions whenever needed.
“We will boost startups and creative projects providing the best connections with our branches and partners,” the CEO of Binance France David Prinçay said on his part.