Accelerator Programs for Exchanges are being backed by industry pioneers like Binance and Thomson Reuters. Malta Stock Exchange’s MSX FinTech Accelerator Program has just received the backing of Binance, the bell-weather cryptocurrency exchange.
MSX FinTech is a start-up accelerator program, which will provide the technical setup for a variety of fintech companies and crypto start-ups to mentor the projects and to help them to raise their standards to that of global crypto exchanges.
The startup program by MSX FinTech will develop the needed infrastructure for in-house accounting services, payroll as well as of plug and play spaces. It will also provide the necessary communication systems, training centre and conference rooms.
Chairman of the Exchange, Joseph Portelli says that the overall increase in the number of fintech users and the inclination of young businesses to explore this domain has prompted his organisation to provide such a program. The aim is to provide Malta Exchange members the necessary learning, information, knowledge and best practices to co-exist among global fintech exchanges, the leader opined.
This program will follow a mentorship model and will allow local as well as overseas players to gain capabilities which will hasten their market dominance. It is specifically aimed at Foreign Entrepreneurs to access the varied plug-and –play solutions that Malta Stock Exchange has on offer.
Regulatory Framework in place
Portelli believes that the exchange has been proactive in setting up the framework and regulatory measures in place. Apparently, the official said, within week of setting up the rules, biggest crypto exchange, Binance committed to move base to Malta.
The trend which began with this reputed company has now led to a complete neighbourhood of cryptoagencies, exchanges on the Mediterranean island, ushering a new phase of economic development in the region. Malta is now home to two of five top crypto exchanges by mid-2018.
Binance sets up shop for Crypto-fiat trading
Binance preference for Malta as a base for its crypto activities is reiterated with the organisation now preparing new crypto exchange platform for crypto-fiat trading.
Appreciating the first-adaptor approach of Maltese government in setting up the infrastructure for blockchain industry to operate, the company has announced that these measures have been reassuring, especially for Binance. The highlight has been the ‘legislated environment,’ the company has stated.
Hence, every accelerator or mentorship programs will be of high value to every organisation hoping to venture entirely into the unexplored and uncommon world of virtual currencies. Malta has been on course with its regulatory framework thus far.
Thus MSX FinTech Accelerator Program’s curriculum to coach start-ups and hand-hold new members in their journey to become international traders in cryptocurrency is highly recommended, a Binance spokesperson announced to the media.