The aim is to accelerate the growth of the Binance Smart Chain and promote the mass adoption of crypto
Binance has announced a $ 1 billion fund aimed at promoting the adoption of the Binance Smart Chain (BSC) and the broader blockchain industry.
The crypto exchange believes that funding with good partnerships with industry-leading organizations will significantly scale blockchain technology and become widespread for real-world use cases.
Binance said in a press release released Tuesday that the BSC ecosystem is set to grow to include projects in decentralized finance (DeFi), gaming and social networking, as well as other sectors that will disrupt traditional systems.
Gwendolyn Regina, Investment Director at the Binance Smart Chain Accelerator Fund, said the fund’s main objective is to accelerate the adoption of cryptocurrencies and blockchain technology around the world.
“The $ 1 billion initiative expands our focus on building cross-chain and multi-chain infrastructures integrated into different types of blockchains.” Regina added.
According to Binance CEO Changpeng Zhao, “Global mass adoption of digital assets” could see the Binance Smart Chain grow “To become the first blockchain ecosystem with 1 billion users”.
$ 1 billion, four programs
Binance will split the $ 1 billion into four investment shares.
A total of $ 100 million will be poured into talent development, with beneficiaries being developer communities, academic institutions, and blockchain-focused R&D projects. The next part of the investment also includes $ 100 million which will be put into a liquidity incentive program to encourage liquidity providers for BSC-hosted DeFi projects.
Binance has allocated an additional $ 300 million to a builder program, of which $ 200 million will go to an incubator project targeting 100 decentralized applications (dApps). The remainder, $ 500 million, will go to an investment and incubation program.
According to Binance, these funds are aimed at accelerating mainstream adoption of DeFi and other sectors, including games, decentralized computing, metaverse, AI and virtual reality.
The $ 1 billion investment comes just over a year after Binance raised $ 100 million for projects in DeFi based on the exchange’s BSC platform. During this period, BSC has attracted more than 100 million users, Changpeng Zhao said in the press release.