The leading cryptocurrency exchange Binance has announced the launch of the largest ecosystem fund the blockchain industry has seen so far.
It's time to accelerate #BinanceSmartChain's journey towards scaling and mass adoption 🚀
We're announcing the biggest growth fund in the history of crypto – the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry.
— Binance Smart Chain (@BinanceChain) October 12, 2021
Hundreds of projects already funded
At the time of writing, Binance Coin (BNB) is the third-largest cryptocurrency by market cap. Part of this success is the Binance Smart Chain (BSC) with a rich DeFi ecosystem and a much larger transaction capacity than Ethereum.
When the BSC launched in August 2020, Binance already funded an accelerator program. Since then, the fund has supported over 100 projects directly and a further 200 projects indirectly through hackathons and grant programs. 10 million USD have been set aside for bounty programs under the security initiative Priority ONE.
One billion to four causes
Binance has announced that the funds now being supplied to ecosystem development will be categorized into four groups. 100 million USD will be set aside for talent development causes, such as academic scholarships, boot camps, and other education campaigns. A further 100 million USD will be provided for liquidity incentives.
300 million USD will be provided to a builder and innovation campaigns, such as the already existing Most Valuable Builder program, which plans to incubate 100 projects. The largest group is the investment and incubation program, funded with 500 million USD.
According to Binance, decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and financial services are among the projects that will be supported by the investment program. The money is not strictly reserved for BSC projects.
Binance commented on its one billion USD fund:
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. We also hope that this program will benefit all the participants in the crypto market, whether it be through creating new talent or building new businesses and projects.