Binance, the world’s top blockchain ecosystem and crypto platform, has created a $1 billion Growth Fund for the Binance Smart Chain, to expand the use of digital assets and better blockchain technology.
In the upcoming months numerous programs will be created under it to empower the spread of cryptocurrencies globally. Designed to help rising crypto projects this fund will help run advanced tech development programs.
“BSC’s growth has brought in 100M+ DeFi users with an initial fund of $100 million.” said Changpeng Zhao, who is the CEO of Binance. “With this new contribution of $1B, we will further disrupt traditional banking and speed up global usage of digital assets to turn into the first-ever one billion user blockchain ecosystem,” he said.
The $1 billion new fund will be sectioned into 4 larger categories:
1 — Talent Development
$100M of the funds are being kept for Talent Development which concerns mentoring communities, educating new investors, giving academic scholarships, running and supporting research and development around Cryptography more.
2 — Liquidity Incentive Program – Trading
The Liquidity Incentive program will run sub-programs to help increase participation in traditional bank markets as well as crypto and give support to traders and groups to allow more liquidity in DeFi protocols.
3 — Builder Program – Technological startups
The Builder Program will be increased with another $300 million. $100 million of which will be used to conduct global hackathons, bug hunting programs, developer meetings and will support mainstream development. The other $200 million will be used to help 100 new dApps built on top of BSC who will also get mentoring from top VCs and support from the core community.
4 — Investment Program for Industrial development
To increase mainstream usage and allow disruption a total of $500 million will be held back. This fund will be used to expand decentralized computing, metaverse, gaming, virtual reality, AI and blockchain-based banking services.
“The thriving blockchain ecosystem has caused us to invest our efforts, time and resources in aiding companies going from 0 to 1. With this $1 billion initiative, our drive will be increased to building cross-chain infrastructures that work with different types of blockchains. We are gearing up to boost the adoption of crypto and accelerate its global growth.” said Gwendolyn Regina, Director at the BSC Accelerator Fund
Author: Scott Dowdy