Binance today introduced a new $1 billion fund dedicated to support Crypto Mass Adoption on Binance Smart Chain. The fund is meant to accelerate adoption of digital assets and blockchain technology.
Founded in 2017, Binance is the world’s leading blockchain ecosystem and cryptocurrency exchange. Binance Smart Chain (BSC) is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed for lightning transaction speeds and low transaction fees while adding Smart Contracts functionality for dApps – BSC tops in infrastructure performance as the biggest DeFi blockchain with 100M+ users.
Binance CEO ‘CZ’ Changpeng Zhao, said:
“BSC’s growth has attracted over 100 million users with its initial funding of $100 million. With the additional contribution of $1 billion, BSC will be better equipped to disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchains ecosystem with 1 billion users.”
The $1 billion fund will be divided across four key initiatives: Investments, Builder Program, Talent development, and Liquidity Incentives.
To accelerate mainstream adoption of decentralized financial infrastructures, a total of $500 million will be reserved for investments. This fund will be utilized to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence and blockchain-based financial services. The remaining $500M will be divided amongst Builder Program ($300M), Liquidity Incentives ($100M), and Talent Development ($100M).
“The thriving blockchain startup ecosystem has encouraged us to invest our time, efforts and resources in helping companies build from the ground up. With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains. We’re gearing up to bolster the adoption of crypto and blockchain to accelerate its growth globally,” said Gwendolyn Regina, Investment Director, BSC Accelerator Fund.
Binance states that the $1 billion fund will help developer communities across the globe reach new audiences, provide academic scholarships to institutions, and support research and development in emerging technologies.
As per the plans, a total of 100 innovative dApps/infra building on top of BSC will receive mentoring from top VCs along with funding opportunities. In addition to this, the BSC community will run regional and global hackathons, joint bug bounty programs, and developer conferences.
The firm has planned to focus on blockchain-rich regions such as Russia, India, South East Asia, Europe, United States and South America to support the growth of BSC regionally. The BSC core community will work closely with leading fintech companies, crypto advisors, blockchain researchers and influential people across the globe to spread the vision of financial inclusion and sovereignty.
