Digital Assets: Binance Smart Chain Launches $1B Growth Fund For Blockchain Development And Adoption

October 13, 2021 | Digital Assets, News, Venture Capital
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The fund will invest in the development of an ecosystem for the Binance Smart Chain.

Binance, the world’s largest crypto exchange and creator of the Binance Smart Chain (BSC), has announced a $1 billion growth fund to boost adoption of BSC for decentralized applications, or dApps. Describing it as one of the best blockchains for dApps, Binance said BSC had already amassed over a million daily active users and more than 900 dApps. (Binance)

“Binance announces the biggest funding program of its kind in the whole cryptocurrency industry – the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry,” the crypto exchange said in its announcement.

The cryptoexchange, which is led by maverick CEO “CZ,” introduced BSC in September 2020 as a launchpad for the development of dApps.

How the money will be spent

The new $1 billion fund has been allocated into four different categories: $100 million for talent development, $100 million for the liquidity incentive program, $300 million for the builder program, and $500 million for the investment & incubation program.

World’s largest crypto accelerator

“With a total of $1 billion in available funding, this is the world’s largest crypto accelerator,” said Binance.

“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.”

Related Story: CZ Says QE Will Impact BTC Few Months Down the Line

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