The goal is to accelerate the growth of Binance Smart Chain and drive mass adoption of the cryptocurrency
Binance announced a $1 billion fund aimed at promoting the adoption of the Binance Smart Chain (BSC) and the broader blockchain industry.
The crypto exchange believes the funding, with good partnerships spanning industry-leading organizations, will significantly expand blockchain technology and see it widely adopted for real-life use cases.
Binance said in a statement published on Tuesday that he wants to see the BSC ecosystem grow to encompass projects in decentralized finance (DeFi), gaming and social networking, among other sectors set to disrupt traditional systems.
Gwendolyn Regina, Investment Director at Binance Smart Chain Accelerator Fund, said the fund's main objective is to accelerate the global adoption of cryptocurrencies and blockchain technology.
"With the $1 billion initiative, our focus will be broadened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains," added Regina.
According to Binance CEO Changpeng Zhao, "the mass global adoption of digital assets" could grow Binance Smart Chain "to become the first blockchain ecosystem with 1 billion users" .
$1 billion, four programs
Binance will split $1 billion into four investment parts.
A total of $100 million will go towards talent development, where the beneficiaries will be developer communities, academic institutions and blockchain-focused R&D projects. The next part of the investment also comprises $100 million, which will be put into a liquidity incentive program to encourage liquidity providers in DeFi projects hosted by the BSC.
Binance has earmarked an additional $300 million for a builder program, with $200 million of that put into an incubator project targeting 100 decentralized applications (dApps). The remainder, $500 million, goes to an investment and incubation program.
According to Binance, these funds are directed towards accelerating the adoption of DeFi and other sectors, including gaming, decentralized computing, metaverse, AI and virtual reality.
The $1 billion investment came just over a year after Binance dedicated $100 million to DeFi projects built on the exchange's BSC platform. In that period, BSC has attracted more than 100 million users, Changpeng Zhao said in the press release.
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