Binance has created the Binance Smart Chain Ecosystem Development Fund

The amount allocated for its establishment was $1 billion

13.10.2021 - 09:20

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What's new? The Binance cryptocurrency exchange has announced the establishment of a $1 billion fund for the development and support of the Binance Smart Chain (BSC) ecosystem. This is stated on the platform's Twitter.

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.👇https://t.co/lkTHmp8fRm— Binance Smart Chain (@BinanceChain) October 12, 2021

How will the fund function? The new structure consists of four categories: a talent development program ($100 million), a liquidity incentive program ($100 million), a builder program ($300 million) and an investment and incubation program ($500 million). The last one involves funding startups from various fields.

What are Binance’s further plans? The head of the cryptocurrency exchange, Changpeng Zhao, hopes that the created fund will accelerate the introduction of digital assets and make BSC “the first of its kind blockchain ecosystem with 1 billion users”.

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