Binance is Backing Malta Stock Exchange’s Fintech Startup Program

Malta continues to move ahead in the crypto space with cryptocurrency exchange giant Binance now confirming that it will be supporting the country’s Malta Stock Exchange (MSE) in an innovative blockchain and crypto-related project.

The MSE recently announced that Binance, the world’s largest cryptocurrency exchange, is backing its newly launched program to support fintech and crypto start-ups.

According to a tweet on 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 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 centre, 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 added: “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 around $16.50 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. It also announced that it had opened a bank account on the island although there has not been much detail on how this will work.

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.”