Binance, a leading online cryptocurrency exchange, has launched a $1 billion fund to drive the adoption of its Smart Chain and the entire blockchain industry.
The $1 billion fund which Binance terms the biggest accelerator of its kind in the entire cryptocurrency industry, will be split into four different categories:
- $100 million for the liquidity incentive program
- $100 million for talent development
- $500 million for the investment & incubation program
- $300 million for the builder program
Describing the aim of the accelerator, Binance stated:
“With a total of $1 billion in available funding, this is the world’s largest crypto accelerator. The program is designed to boost the growth and innovation of projects and bolster the wider community and create a crypto-native pool of talent that will pave the future of crypto.”
According to Binance, its Smart Chain community has over 1 million daily active users that are spread across over 900Decentralized apps (Dapps).
The Binance Smart Chain mainnnet was launched in September last year and the company announced a $100 million Binance Smart Chain Accelerator Fund at that time to support the building of Decentralized applications (Dapps) on the Binance Smart Chain.
More than 40 projects were seed-funded with up to $1 million, while more than 60 projects have been incubated under the company’s Most Valuable Builder (MVB) Accelerator Program.
Binance is the biggest and popular online cryptocurrency exchange that enables its users to seamlessly trade cryptocurrencies and it also supports the most commonly traded cryptocurrencies.
It provides crypto wallets for traders to store their crypto assets and has supporting services for users to earn interest or transact using cryptocurrencies.
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