Crypto exchange Binance has launched a $1 billion fund which it calls “the biggest funding program of its kind in the whole cryptocurrency industry.” The company aims for the fund to “push the adoption” of the Binance Smart Chain and “the whole blockchain industry.”
Binance Launches ‘the World’s Largest Crypto Accelerator’
Cryptocurrency exchange Binance announced Tuesday the launch of a $1 billion Binance Smart Chain (BSC) Fund. The announcement states:
Binance announces the biggest funding program of its kind in the whole cryptocurrency industry — the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry.
The Binance Smart Chain mainnet launched in September last year. At the time, the company announced a $100 million BSC Accelerator Fund to support Dapps building on BSC. It seed-funded over 40 projects with up to $1 million. In addition, over 60 projects have been incubated under the company’s Most Valuable Builder (MVB) Accelerator Program.
According to Binance, BSC’s community has more than 1 million daily active users spread across more than 900 Dapps.
Binance divides the new $1 billion fund into four different categories: $100 million for talent development, $100 million for the liquidity incentive program, $300 million for the builder program, and $500 million for the investment & incubation program. The company described:
With a total of $1 billion in available funding, this is the world’s largest crypto accelerator. The program is designed to boost the growth and innovation of projects and bolster the wider community and create a crypto-native pool of talent that will pave the future of crypto.