Binance supports its BSC ecosystem via $1 billion fund

abdelaziz Fathi

Binance has rolled out a $1 billion growth fund to further support and accelerate adoption of its Binance Smart Chain (BSC).

binance

The move comes after the crypto giant has put up $100 million to support decentralized finance (DeFi) projects on the BSC ecosystem.

Per an official statement, the $1 billion commitment is subdivided into 4 segments; investments, a builder program, talent development, and liquidity incentives, each with a designated amount to support BSC’s cross-chain ecosystem.

With the newly garnered support, $500 million will go to an investments program designed to help facilitate the mainstream adoption of the cryptocurrency-based tech niches including virtual reality and artificial intelligence.

Another $300 million is reserved for the builder program, which is further divided into two sub-categories to support ongoing critical user growth. Out of which $100 million will be going to conduct hackathons, white hackers’ bounty programs, developer conferences, and supporting mainstream development programs. The remaining $200 million will be utilized for incubating 100 decentralized apps building on top of BSC.

The growth fund also features a total of $100 million for talent development, which includes mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps, amongst other activities.

The last category of the fund is a $100 million liquidity incentive initiative which will be powering multiple programs to encourage participation from traditional financial markets and crypto communities.

“BSC’s growth has attracted over 100 million users with its initial funding of $100 million,” Binance CEO ‘CZ’ Changpeng Zhao said in a statement. “With the additional contribution of $1 billion, BSC will be better equipped to disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchains ecosystem with 1 billion users,” said Binance CEO Changpeng “CZ” Zhao.

While the BSC ecosystem boasts one million daily active users, it avoids the risks associated with scalability and network bottlenecks, including high gas fees. BSC users currently benefit from lower transaction costs when compared to other blockchain projects. Simultaneously, transaction volumes have increased sixfold on Binance Smart Chain compared to Ethereum.

Binance Smart Chain’s $100 million Accelerator Fund was launched a little over a year ago to support the development of high-quality DeFi projects that contribute to building the industry’s infrastructure.

“The thriving blockchain startup ecosystem has encouraged us to invest our time, efforts and resources in helping companies build from 0 to 1. With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains. We’re gearing up to bolster the adoption of crypto and blockchain to accelerate its growth globally,” added Gwendolyn Regina, Investment Director, BSC Accelerator Fund.

Read this next

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

Digital Assets

EQONEX leaves “crowded crypto exchange space” amid crypto winter

“The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators. We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term.”

Digital Assets

FTX and Paradigm partner for spreads trading: lower risk, lower fees

“This structured spread trading product is the first that will enable crypto investors to utilize cash and carry trades through FTX and Paradigm.”

Industry News

SEC uncovers online retail brokerage hacking scheme

Fraudsters were able to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds, the SEC alleged. 

Executive Moves

Cornerstone FS taps James Hickman as CEO

“I see great potential in the business from its proprietary technology to its regulatory permissions. It is already delivering an exceptional service to its SME customers and the scalable platform is ideally positioned to add further product capability.”

Retail FX

FCA warns of Lite Forex Pro as crackdown on clone scams continues

The UK Financial Conduct Authority has put out a press release that warns about a new ‘clone firm’ investment scam impersonating LiteForex‎, which rebranded last year as LiteFinance.

Digital Assets

Novogratz’s Galaxy Digital backs out of $1.2 billion deal to buy BitGo

Crypto merchant bank Galaxy Digital would not move forward with its bid to buy digital-asset custodian BitGo.

Executive Moves

OctaFX elevates Nikolas Charalampous to executive director role

OctaFX has promoted its head of dealing, Nikolas Charalampous, to the role of executive director, which saw the expansion of his day-to-day responsibilities and oversight.

<