The Chinese giant Binance bets on France and opens a web 3 space in Station F

Binance boss Changpeng Zhao, nicknamed “CZ”, believes that France can become the web 3 champion of tomorrow.

Binance continues to accelerate in France. The Chinese exchange platform, which claims 90 million customers, announced on Wednesday the opening of a web 3 space within Station F, to support start-ups in the ecosystem. This is one of the first realizations of Binance’s “Objectif Lune” program. This program has an envelope of 100 million euros to develop the blockchain ecosystem and cryptocurrencies in France.

“France is very pro business, pro web 3, pro crypto. The legislation is very clear and the environment is favorable for the blockchain ecosystem. I think our web 3 space will be very promising,” said Changpeng Zhao, nicknamed “CZ”, the boss of Binance, at BFM Business. The latter will also be invited on our antenna in the BFM Bourse program this Wednesday at 4:00 p.m. as part of the Paris Blockchain Week Summit.

“We love France. And this opening is proof of our commitment. By taking France as a launching pad for Europe, we aim to use this new space as our creative and innovative base”, adds the latter .

Web 3 is an “extremely important economy”, he believes. “This is where the future of the economy is at stake. I believe that France is well on its way to becoming the web 3 champion of tomorrow. I encourage all cryptocurrency companies to explore France, and in particular Paris as a hub for development”.

New offices in Paris

The space will support early-stage start-ups, in areas like blockchain, web 3 and metaverse. In addition, the selected start-ups will be able to be hosted for free during their incubation period at Station F. They will also be able to benefit from personalized support from Binance subsidiaries (BNB Chain, NFT Labs or Binance Labs). Over the past three years, Binance has invested in 120 start-ups. With this web 3 space, the platform believes that it no longer has any limits in terms of investment. “We will probably double or triple that rate over the next few years. We are only limited by our ability to interact with business projects,” CZ points out. Initially, this space will focus on infrastructure and education topics, before focusing on other areas such as decentralized finance (DeFi) and NFTs.

Binance’s presence in France does not stop there. Last November, the platform opened an office in Montrouge, and has since recruited 20 employees. It hopes to recruit 100 new employees by the end of the year and open new offices in the center of Paris. Of the 100 million euros, 2 million euros were invested in the form of sponsorship, in order to renovate the oeil de boeuf lounge at the Château de Versailles.

Binance is still seeking to obtain PSAN (digital asset service providers) approval from the AMF, which would bring it into the universe of regulated platforms (see the AMF list here), after filing an application in December 2020.

“We also want to help develop the French regulatory framework for cryptocurrencies. We want to be a fully regulated exchange and want to bring more mainstream users into the cryptocurrency space,” says CZ.

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