Binance Launched a $113 Million Plan in France

After a year of regulatory review, cryptocurrency giant Binance is strengthening its business in France.

The world’s largest cryptocurrency exchange is co-financing a USD 113 million plan with industry group France FinTech. Binance’s goal is to support France’s cryptocurrency and blockchain industries.

The program was announced in November and is called Objective Moon. It will allow Binance to establish a research and development office in France. The program will also allow Binance to collaborate on incubator programs for start-ups and training programs.

The French cryptocurrency hardware company Ledger (valued at US$1.5 billion), and the educational technology company OpenClassroom, also participated in the development of Objective Moon’s education project.

Given its evolving financial technology scene, France may prove to be fertile ground for this plan. According to Dealroom’s data, French fintech investment has surged this year. Companies such as Lydia and Qonto have also received generous financing.

Binance’s relationship with global regulators has experienced a turbulent year. The British Financial Conduct Authority’s ban and the US Commodity Futures Trading Commission’s investigation are among the headaches. The company also stopped trading in its digital stock tokens and recently shut down its trading platform in Singapore.

Although its roots are in China, Binance has always been reluctant to be anywhere. However, the company tends to decentralize the motto related to the crypto industry.

However, Binance has recently changed its tone in this regard, as CEO Changpeng Zhao expressed support for supervision and willingness to cooperate with regulators while also expressing interest in France as an official operating base.

Salvadorans Lose $90K In BTC On Governmental Chivo Wallet

In the past few weeks, dozens of Salvadoran citizens started to complain on Twitter that the funds in the Chivo wallet had been mysteriously lost.

In September, the government of El Salvador accepted BTC as legal tender. They issued a portion of Bitcoin (worth approximately US$30) to all citizens who registered with Chivo. Chivo is the government’s digital wallet.

One Twitter user created a post in mid-December with dozens of examples of tweets from people who claimed that the Chivo wallet lost between $61 and $16,000.

The total comprehensive loss exceeds 96,000 US dollars.

Lawyer and victim Zaira Navas said that they received 131 identity theft complaints last week. They have received more than 880 formal complaints.

El Salvador was the first country to adopt Bitcoin as its legal tender. President Nayib Bukele plans to use $1 billion in Bitcoin bonds to fund the construction of a Bitcoin city.

Since June, he has been pushing for Bitcoin adoption and recently announced that the government owns 1,391 Bitcoins. However, the government of El Salvador and Chivo Wallet have not yet given an official response to the pending lawsuit or the alleged loss of Bitcoin.

Pay With Cryptos For Food At The Crypto Street Restaurant

A new crypto-themed restaurant in Florida is launching hot dog and shrimp cocktails. The restaurant is inspired by Dogecoin (DOGE) and Shiba Inu (SHIB), and Customers highly praise dogecoin.

The venue in Clearwater Beach, known as the Crypto Street Restaurant, held a grand opening to the public earlier this month, with a menu full of tributes to popular crypto-assets and terminology.

The menu includes dishes such as Dogedog, Crypto Cuban, DeFi Caesar Salad, SHIBA Shrimp Cocktail, and Bitcoinana Split. The restaurant’s decoration also includes posters with the theme of crypto culture, wall art, and furniture depicting Doge and Satoshi Nakamoto, Elon Musk, and assorted Bitcoin memes.

According to restaurant owner Ricardo Varona, Crypto Street accepts payments for all digital assets, including memecoins and so-called “Shitcoins.”

Varona, the owner, said that his 24-year-old son introduced him to cryptocurrency for the first time a few years ago. However, he was not a fan of the industry at the time. But, over some time, he gradually accepted the concept of crypto assets and initially considered launching a restaurant franchise that accepts crypto payments.

After the pandemic hit and various fees and supply chain issues became apparent, Varona changed his plan to launch a single crypto-theme venue instead of accepting crypto chains.

 

The post Binance Launched a $113 Million Plan in France  appeared first on FinanceBrokerage.

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