Binance Launches ‘Biggest Growth Fund in Crypto History’ How Could This Impact the Blockchain Industry?

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Crypto exchange Binance announced the launch of a billion dollar fund to push adoption of not only the Binance Smart Chain (BSC) ecosystem, but the entire blockchain industry .

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“It’s time to accelerate #BinanceSmartChain’s journey to scale and mass adoption. We are announcing the biggest growth fund in crypto history – the billion dollar fund to push adoption of not just BSC but the entire blockchain industry, ”Binance tweeted.

It’s time to accelerate #BinanceSmartChain’s journey to scale and mass adoption

We are announcing the largest growth fund in crypto history – the $ 1 billion fund to promote adoption of not just BSC, but the entire blockchain industry. .co / lkTHmp8fRm

– Binance Smart Chain (@BinanceChain) October 12, 2021

The fund is categorized into four different groups, each targeting different challenges and goals, according to a statement posted on Binance’s website.

A total of $ 100 million is earmarked for talent development, which includes mentoring developer communities, training new crypto investors, awarding college scholarships to universities, hosting training camps and training. R&D support on cutting-edge blockchain innovations around cryptography, multi-party computing (MPC), high-performance consensus protocols, cross-chain and multi-chain infrastructure, RegTech & Deep Analytics, and more .

“We want to train a generation of crypto-native professionals who will spread across the industry and advance blockchain adoption,” according to the announcement.

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A $ 100 million liquidity initiative will run several programs to encourage participation from traditional financial and crypto markets. “This will aim to develop compliant relationships between investors and emerging markets of evolving digital assets,” the statement said.

In addition, $ 300 million is earmarked for a build and incubation program, to host regional and global hackathons, as well as to incubate 100 innovative decentralized applications (dApps) and BSC-backed infrastructure that will benefit from ‘mentorship from top venture and technical capitalists. support from the BSC grassroots community.

Finally, $ 500 million will be set aside for an investment program “to accelerate adoption by the general public and disrupt financial infrastructure,” the statement said. Binance says the fund will be used to develop decentralized computing, games, metaverse, virtual reality, artificial intelligence and financial services, which will not be limited to BSC but will also support all the infra blockchain. .

“With collaborations with leading organizations in the sector, the investment fund will target the scaling of blockchain technology for real use cases and bridge the gap between crypto-blockchain and current technical-financial sectors. “, according to the press release.

Conversely: As JPMorgan CEO calls Bitcoin “worthless,” Bank of America claims digital assets “too big to ignore” Explore: What’s the next big cryptocurrency to explode in 2021?

The exchange launched the Binance Smart Chain on Mainnet in September 2020, activating the parallel blockchain to Binance Chain that will enable the creation of smart contracts and the staking mechanism for BNB, according to a statement.

“With the billion dollar initiative, our focus will be broadened to build cross-chain and multi-chain infrastructure integrated with different types of blockchains,” Gwendolyn Regina, director of investments at BSC Accelerator, told Bloomberg Fund.

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Last updated: October 13, 2021

About the Author

Yal Bizouati-Kennedy is a former full-time financial reporter and has written for several publications including Dow Jones, The Financial Times Group, Bloomberg, and Business Insider. She has also worked as a vice president / senior content writer for major New York-based financial firms including New York Life and MSCI. Yal is now a freelance writer and most recently co-authored the book Blockchain for Medical Research: Accelerating Trust in Healthcare, with Dr Sean Manion. (CRC Press, April 2020) She holds two masters, one in journalism from New York University and one in Russian studies from Toulouse-Jean Jaurs University, France.

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