The Malta Stock Exchange announced today that Binance, one of the world's leading cryptocurrency exchanges, is backing its newly launched program to support fintech startups and entrepreneurs.

Known as a tiny archipelago between Sicily and the North African coast, Malta, along with several other microstates including Bermuda, Liechtenstein, Gibraltar and San Marino, have joined the race in the recent years to attract blockchain and crypto businesses.

The MSX Fintech Accelerator is aimed at creating an ecosystem to nurture and support crypto startups and entrepreneurs, according to the Malta Stock Exchange's announcement. The accelerator offers professional business services like in-house accounting, payroll, and office space. Besides Binance, the stock exchange has added Thomson Reuters to its list of mentor organizations.

Joseph Portelli, the chairman of the Malta Stock Exchange, said that the program has guaranteed "easy access" for both domestic and foreign businesses.

"It is clear that Malta is becoming a fintech and blockchain center of excellence," Portelli added, following the announcement of the partnership.

The exchange's official Twitter account tweeted this morning that it will be accepting up to 12 Fintech startups to utilize the facilities in the newly-established program.

"We moved our operations to Malta precisely because it has demonstrated its progressive approach to supporting and developing the crypto and blockchain industry. Malta is creating a safe and legislated environment for the industry to become reputable, attracting companies like ours and many others," Binance said in a statement.

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