Binance, one of the world’s leading crypto exchanges, has announced the biggest funding program of its kind for the cryptocurrency industry. The US$1 billion Binance fund will help expand the Binance Smart Chain (BSC) ecosystem and advance the mainstream adoption of blockchain technology by the financial industry overall.
With collaborations from industry-leading organisations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.Binance.org
Binance stated its mission was to disrupt financial infrastructures by allocating half the new fund to its Investment Program, which will focus on growing decentralised computing, gaming, metaverse, virtual reality, artificial intelligence and financial services.
BSC will not be the only blockchain supported, consistent with previously voiced ambitions from the company. As Binance CEO Changpeng “CZ” Zhao, who has frequently said in interviews “there is room for everyone”, tweeted yesterday:
$1 Billion Growth Across Four Sectors
The fund will be allocated across four different sectors:
- US$100 million for Talent Development: mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps and supporting R&D on cutting-edge blockchain innovations.
- US$100 million for Liquidity Incentive Program: multiple programs to encourage participation from traditional financial markets and crypto, targeted to developing compliant relationships between investors and emerging digital asset markets.
- US$300 million for Builder and Incubation Program: $100 million to conduct regional and global hackathons, run developer conferences, and support existing mainstream development programs; $200 million to incubate 100 innovative dApps.
- US$500 million for an Investment Program: to accelerate mainstream adoption and bring disruption to financial infrastructures.
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