Binance, one of the world’s largest digital currency exchanges by trading volumes, has signed a memorandum of understanding with Digital Jersey, a governmental economic agency and industry association. Under this memorandum, Binance is about to bring a crypto to Sterling exchange to the island.

Digital Jersey will provide all-round supports in crypto exchange and blockchain ecosystem promotion in Jersey.

“Jersey is one of the first countries in the world to clarify the legal position of cryptocurrency exchanges in 2015. We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction. We look forward to collaborating with Binance to develop their exchange in Jersey, deliver blockchain training as part of our digital skills programme and support the growth of new start-ups in this area,” said Tony Moretta, CEO of Digital Jersey.

Binance is also satisfied with the financial stability and the high developed digital infrastructure of Jersey. The government and financial authorities of Jersey understand the potential of distributed ledger technology and will jointly to boost the development this Fintech in the island.

Zhao Changpeng, CEO of Binance indicated that, “We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”

According to an official announcement, Digital Jersey and Binance Foundation are to jointly establish comprehensive Fintech tutorial schemes which includes distributed ledger technology, artificial intelligence (AI) and regulatory compliance.

Binance Labs will also invest $100 million into Jersey-based blockchain startups to boost local digital economy and makes Jersey become another digital center in the world.