Binance, the world leader in the blockchain ecosystem and cryptocurrency platform, launched a billion dollar growth fund to Binance smart chain, to accelerate the adoption of digital assets and blockchain technology.
Over the next few months, several programs will be put in place under its umbrella to foster the growth of cryptocurrencies around the world. Designed to incubate growing blockchain-crypto projects, the fund will also execute advanced technology development programs.
“BSC’s growth has attracted over 100 million DeFi users with initial funding of just $ 100 million.” said Changpeng Zhao (CZ), CEO of Binance. “With the new $ 1 billion contribution, it can disrupt traditional finance and accelerate the mass adoption of digital assets globally to become the very first blockchain ecosystem with one billion users,” a- he added.
The $ 1 billion fund will be divided into 4 broader categories: –
- Talent Development – Innovation
A total of $ 100 million is earmarked for talent development, which includes mentoring developer communities, training new crypto investors, providing college scholarships to institutions, hosting bootcamps, and supporting the R&D around cryptography, high performance consensus protocol, infra multichannel / multichain, RegTech & In-depth analysis and more.
- Liquidity Incentive Program – Trading
The Liquidity Incentive will run sub-programs to encourage participation in traditional financial markets as well as crypto. It will offer flexibility and support to professional traders and institutions to provide more liquidity in DeFi protocols. For example, greater contribution to liquidity pools in automated market makers, borrowing and lending in money markets, yield farming in coffers, higher arbitrage gains and more. This will be targeted in developing compliant relationships between investors and emerging markets of evolving digital assets. A total of $ 100 million is earmarked for liquidity incentive initiatives.
- Program Builder – Tech Startups
The Builder program will be bolstered by an additional $ 300 million. Of which $ 100 million will be used to organize regional and global hackathons, joint bug bounty programs, developer conferences and support existing traditional development programs. The remaining $ 200 million will be used to incubate 100 dApps / innovative infra buildings above BSC, which will benefit from mentorship from top Venture Capitalists and infrastructural support from BSC’s grassroots community.
- Investment / incubation program for industrial development
To accelerate adoption by the general public and disrupt financial infrastructure, a total of $ 500 million will be set aside. This fund will be used to develop decentralized computing, games, metaverse, virtual reality, artificial intelligence and blockchain-based financial services. With collaborations with leading industry organizations, the investment fund will target scaling blockchain technology for real use cases and bridge the gap between crypto-blockchain and current tech-financial sectors.
“The thriving blockchain startup ecosystem has encouraged us to invest our time, effort and resources to help businesses move from 0 to 1. With the billion dollar initiative, our focus will be broadened to build inter-chain and multi-chain infrastructures integrated with different types of blockchains. We are preparing to strengthen the adoption of crypto and blockchain to accelerate its growth on a global scale.” noted Gwendolyn Regina, Director of Investments, BSC Accelerator Fund
With a focus on blockchain rich regions such as Russia, India, Southeast Asia, Europe, United States and South America; the BSC community will lead BSC’s growth regionally. BSC’s core community will work closely with leading financial technology companies, crypto advisers, blockchain researchers, and influencers across the globe to disseminate the core vision of financial inclusion and sovereignty.
Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a suite of financial products that includes the largest digital asset exchange by volume. Trusted by millions of people around the world, the Binance platform is dedicated to increasing the freedom of money for users and offers an unrivaled portfolio of crypto products and offerings including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information visit: https://www.binance.com
About the Binance Smart Chain
Binance Smart Chain (BSC) is a sovereign smart contract blockchain offering programmability compatible with Ethereum Virtual Machine (EVM). Designed for blazing transaction speeds and low transaction fees while adding the functionality of smart contracts for dApps – BSC tops infrastructure performance as the largest DeFi blockchain with over 100 million users. For more information on Binance Smart Chain, please visit: https://www.binance.org
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