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Binance launches a $1 billion crypto growth fund to fast-track blockchain and digital assets adoption | Tech News | Startups News

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Binance, the world’s leading cryptocurrency exchange, announced today a $1 billion crypto growth fund announced today it had launched a $1 billion fund to help fast-track adoption of digital assets and blockchain technology. The fund, which is divided into four different groups, will be used to further accelerate the development of projects in the Binance Smart Chain ecosystem.

According to the announcement, a total of $500 million from the fund will be reserved for investments to help grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and blockchain-based financial services, BSC said.

Of the remainder, $300 million will be earmarked for a builder program and $100 million each for liquidity incentives and talent development. Binance said it plans to provide more details for each program in weeks to come.

“With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains,” Gwendolyn Regina, investment director of BSC Accelerator Fund said in a statement.

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Below are the details of the different groups, with each group aimed at different challenges and goals.

$100 Million Talent Development
A total of $100M funds are reserved for Talent Development which includes mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps, and supporting R&D on cutting-edge blockchain innovations around cryptography, multi-party computing (MPC), high-performance consensus protocols, cross-chain & multi-chain infrastructure, RegTech & Deep Analytics, and more. We want to raise a generation of crypto-native professionals that will spread across the industry and push blockchain adoption forward.

$100 Million Liquidity Incentive Program
The Liquidity Incentive initiative will run multiple programs to encourage participation from traditional financial markets and crypto, including but not limited to provide liquidity rewards to the specific protocols based on Innovation, TVL, active users, or trading volumes. E.g., In Q4, Advanced DeFi is one of the most demanding dApps in the BSC ecosystem, and Derivatives projects like MCDEX.io and Deri.finance will be the first pilots to join this liquidity reward program. Binance said a total of $100M funds are reserved under the Liquidity Incentive initiatives.

$300 Million Builder & Incubation Program
The Builder Program will be boosted with an additional $300M. Out of which $100M will be utilized to conduct regional and global hackathons, white hackers benefiting joint bug bounty programs, running developer conferences, and supporting existing mainstream development programs. The Most Valuable Builder (MVB) program is already becoming one of the best incubation programs. The remaining $200M will be used to expand MVB and incubate 100 innovative dApps and infrastructure provides building on top of BSC who will receive mentoring from top venture capital and technical support from the BSC core community.

$500 Million Investment Program
To accelerate mainstream adoption and to bring disruption to financial infrastructures, a total of $500M will be reserved. This fund will be utilized to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and financial services, which will not be limited to BSC but also support all the blockchain infra. With collaborations from industry-leading organizations, 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.

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. This program will take us one leap closer to making BSC the most inclusive and used blockchain infrastructure in the world, creating the new Internet of Value for everyone. We also hope that this program will benefit all the participants in the crypto market, whether it be through creating new talent or building new businesses and projects.

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Binance currently has over one million daily active users spread across more than 900 decentralized applications, making it one of the biggest crypto ecosystems. In recent months, Binance has been making headlines, mostly for the wrong reasons. In July, Binance founder and CEO Zhao event went as far as saying he’s willing to step down from his role as the company pivots to become a regulated financial institution.

Domiciled in the Cayman Islands, Binance was founded in 2017 by Changpeng Zhao and Yi He. The exchange provides a platform for trading various cryptocurrencies. Today, Binance is the world’s largest crypto exchange. Binance provides access to exchange digital currency pairs on the market while maintaining security, liquidity, enabling a safe and efficient deal with anyone, anytime and anywhere.


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