Crypto exchange Binance announced the launch of a billion dollar fund to push adoption of not only the Binance Smart Chain (BSC) ecosystem, but the whole blockchain industry.
âIt’s time to accelerate #BinanceSmartChain’s journey to scale and mass adoption. We are announcing the biggest growth fund in crypto history – the billion dollar fund to push adoption of not just BSC but the entire blockchain industry, âBinance tweeted.
The fund is categorized into four different groups, each targeting different challenges and goals, according to a statement posted on Binance’s website.
A total of $ 100 million is earmarked for talent development, which includes mentoring developer communities, educate new crypto investors, offering college scholarships to universities, hosting boot camps and supporting R&D on cutting edge blockchain innovations around cryptography, multi-party computing (MPC), high performance consensus protocols, cross-chain and multi-chain infrastructure, RegTech & Deep Analytics, and more.
“We want to train a generation of crypto-native professionals who will spread across the industry and advance blockchain adoption,” according to the announcement.
A $ 100 million liquidity initiative will run several programs to encourage participation from traditional financial and crypto markets. “This will aim to develop compliant relationships between investors and emerging markets of evolving digital assets,” the statement said.
In addition, $ 300 million is earmarked for a build and incubation program, to host regional and global hackathons, as well as to incubate 100 innovative decentralized applications (dApps) and BSC-backed infrastructure that will benefit from ‘mentorship from top venture and technical capitalists. support from the BSC grassroots community.
Finally, $ 500 million will be reserved for an investment program “to accelerate adoption by the general public and disrupt financial infrastructure,” the statement said. Binance says the fund will be used to develop decentralized computing, games, metaverse, virtual reality, artificial intelligence and financial services, which will not be limited to BSC but will also support all the infra blockchain. .
“With collaborations with leading organizations in the sector, the investment fund will target the scaling of blockchain technology for real use cases and bridge the gap between crypto-blockchain and current technical-financial sectors. “, according to the press release.
The exchange launched the Binance Smart Chain on Mainnet in September 2020, activating the parallel blockchain to Binance Chain that will enable the creation of smart contracts and the staking mechanism for BNB, according to a statement.
“With the billion dollar initiative, our objective will be extended to the construction of inter-chain and multi-chain infrastructures integrated with different types of blockchainsGwendolyn Regina, chief investment officer of the BSC Accelerator Fund, told Bloomberg.
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Last updated: October 13, 2021
This article originally appeared on GOBankingRates.com: Binance Launches ‘Biggest Growth Fund in Crypto History’ – How Could This Impact the Blockchain Industry?