Continue reading this on our app for a better experience

Open in App
Home News Blockchain

Binance Starts US$1 Billion Crypto Growth Fund for Blockchain

Bloomberg
Bloomberg • 2 min read
Binance Starts US$1 Billion Crypto Growth Fund for Blockchain
Binance starts a US$1 billion crypto fund for blockchain to accelerate adoption of digital assets
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

(Bloomberg) --Binance, the largest cryptocurrency exchange, has launched a US$1 billion growth fund in support of the Binance Smart Chain blockchain, with the goal of helping to accelerate adoption of digital assets and blockchain technology.

About half of the funds will be directed toward investments in areas such as gaming, virtual reality and blockchain-based financial services, according to a statement from Binance. Of the remainder, about US$300 million will go to a builder program and US$100 million each will be steered toward liquidity incentives and talent development.

Binance Smart Chain itself has a global community of developers and investors, and it was started by the Binance Chain community. Binance supports the blockchain through investments.

“With the US$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 the BSC Accelerator Fund, said in the statement.

Binance has been a target of regulators in numerous countries including the U.S., South Africa and Singapore in recent months as the crypto ecosystem reached a size that attracted interest from officials, though Binance Chief Executive Officer Changpeng “CZ” Zhao has said it’s pivoting to a focus on compliance and regulation to address those concerns.

Photo credit: Bloomberg

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.