Tron, another multi-billion dollar cryptocurrency firm, may follow the world’s largest cryptocurrency exchange Binance and invest in Malta, which wants to evolve into “The Blockchain Island.”
Justin Sun, the founder and creator of Tron, the biggest project launched on the Ethereum protocol as an ERC20 token standard token with a valuation of $2.9 billion according to LiveCoinWatch as demonstrated below, has stated that he believes in the foresight of Malta Prime Minister Joseph Muscat.
Following the footsteps of Binance, Sun stated that in the near future, Tron will lead investments in Malta’s blockchain industry, and possibly operate in Malta alongside Binance, Monaco, and other cryptocurrency businesses that have recently relocated to the region.
“Tron strongly supports the great foresight of Malta Prime Minister Joseph Muscat and hopes to build up Blockchain Island with Malta government. We are seriously considering invest and operate in Malta in the following weeks with announcement by our strategic partner Binance,” said Sun.
Last week, in an interview with the Binance team, Malta government officials revealed their ambitious long-term plan to grow the country’s blockchain ecosystem by providing friendly regulations and policies for both investors and cryptocurrency businesses.
Moved by the enthusiasm and optimism of the Malta government towards blockchain development and cryptocurrency innovation, Binance and its CEO Changpeng Zhao promised to hire more than 200 employees in its new headquarters located Malta, and assist the government in shaping its blockchain industry.
Silvio. Schembri, Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation, told the Binance team:
“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. It is obvious that Malta has become a natural point of reference on the international sphere and companies such as Binance will continue to look into Malta to further expand their operations or establish a base. Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island’.”
Impact on Other Regions
For several years, certain regions like Japan and South Korea have continued to impose practical regulations for cryptocurrency businesses to ensure that local companies can prosper without being in conflict with strict policies.
Consequently, Japan became the largest cryptocurrency exchange market, with more than 50 percent of the bitcoin market. South Korea became the third largest, behind Japan and the US.
With Switzerland rapidly evolving into a hub for blockchain projects, there needs to a competing region against Japan, the US, South Korea, and Switzerland that can provide friendly regulations and create an efficient ecosystem for cryptocurrency businesses.
As more multi-billion dollar businesses like Tron and Binance move to Malta, the country will be able to position itself at the forefront of blockchain development. Regions like Switzerland have a relatively small number of startup unicorns, with the exception of EOS. Tron’s move to Malta would lead to the world’s largest cryptocurrency exchange and the biggest ICO project on Ethereum both permanently relocating to Malta.