The subsidiary of the Malta Stock Exchange, MSX PLC, has signed a Memorandum of Understanding (MOU) with crypto exchange Binance. The pair will launch a new Security Tokens Trading Platform.
According to a press release from today, the new trading platform will benefit from the two bodies in two ways:
- From the Malta Stock Exchange’s “26-year track record of operating as a regulated stock exchange”
- From the international reach of Binance’s business model.
Security Tokens Trading Platform
And it’s precisely this business model that makes Binance the biggest crypto exchange in the world.
It holds the coveted title as, at its height, it had a 24-hour trading volume of $2.2 billion. But on an average day, it has a median trading volume of $1.45 billion, according to CoinMarketCap.
But Malta presents bigger opportunities for the exchange. Binance has been growing its footprint in Malta over the last year and Malta isn’t dubbed the “Blockchain Island” for no good reason. The country holds a pro-crypto stance, along with regulations that offer favorable conditions for cryptocurrency and blockchain businesses.
Binance CEO Changpeng Zhao has spoken on the partnership with MSX, saying:
“Malta […] has become a global hub for blockchain technology through active and transparent crypto regulations. This partnership will allow Binance and MSX to host traditional financial assets on blockchain technology through security tokens.”
Joe Portelli, the chairman of the Malta Stock Exchange, expressed how the new venture opened a “new market opportunity [to] develop and push the boundaries of the Maltese financial sector.”
Crypto Developments Mean Infrastructure for Malta
The Maltese Government is keen to take advantage of the developments that new business brings to its country. Its infrastructure will be greatly improved by encouraging blockchain and crypto business to move to its shores.
Currently, digital innovation and road infrastructure are at the top of the to-do list for parliament.
Featured Image: Deposit Photos/PromesaStudio
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