Malta is fast becoming a hot bed for cryptocurrency related companies. In the past few months, we have seen multiple companies move from their point of origins, to the friendlier waters of Malta. In March of 2018, world leading exchange, ‘Binance,’ announced that they were moving their operations to the small European island. In response to their move, the Prime Minister of the country took to twitter, stating, “Welcome to #Malta @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies.” Prime Minister Joseph Muscat is clearly optimistic regarding the future of the blockchain industry.
In another example of a company taking advantage of the forward thinking Malta, one of the fastest growing companies in crypto, TRON, has aligned themselves with the island. Spearheaded by Justin Sun, TRON also recently announced that it would be headquarted in Malta. TRON recently released their own blockchain, and aims to create a digital content platform utilizing blockchain technology.
Just recently news broke that leading exchange Bittrex had cultivated a banking relationship, allowing them to offer FIAT trading on their platform. The importance of this is huge, as services such as this will continue to fuel mainstream adoption. Despite denying reports that Binance was going to offer FIAT trading in April, Binance now seems poised to offer this service soon. In an interview with CoinTelegraph, the current CEO of Binance, Changpeng Zhao, indicated that they had now successfully established a working relationship with a large bank based in Malta, and that he hoped to commence FIAT trading within the year.
When speaking on the opportunities available from working in Malta, Zhao indicated that Binance has been in talks with traditional stock exchanges regarding potential partnerships.
Perhaps even bigger news than FIAT trading and talks with traditional exchanges, Zhao stated in the same interview that Binance is actively developing a decentralized exchange. Decentralized exchanges are the next large step in cryptocurrency trading. Binance would not be the first centralized exchange to try their hand at building/attaining a decentralized exchange. Coinbase themselves just recently acquired a DEX.
Between setting up billion dollar incubation funds, building decentralized exchanges, offering FIAT trading services, and creating partnerships with banks and stock exchanges, Binance and Malta seem like the perfect match. Look to see continued reports of operations moving to the small Mediterranean island, as they openly strive to become the blockchain capital of the world.