Cryptocurrency exchange Binance plans to invest 100 million euros in an initiative to support France’s blockchain and crypto industry.

With the initiative announced in November, Binance will establish an R&D office in France and collaborate with various incubators for new ventures.

“The new initiative aims to develop a new ecosystem and accelerate the growth of an existing ecosystem,” said David Princay, Managing Director of Binance France. You can’t do this alone,” he added.

French crypto hardware firm Ledger, whose value has been determined as $ 1.5 billion with a recent valuation, will also take part in this project.

Binance had a turbulent relationship with governments in 2021 due to regulations. Institutions that made things difficult for Binance included the UK’s financial regulators and the Commodity Futures Trading Commission in the US.