Leading exchange Binance to launch $1B fund for BSC ecosystem development
Binance has announced a $1 billion accelerator fund to expand the Binance Smart Chain ecosystem and advance mainstream adoption across the financial technology sector.
The leading cryptocurrency exchange showcased the eight-figure fund in a tiered development model across four specialist areas: Talent Development, Liquidity Incentive Program, Builder Program and Investment & Incubation Program. The announcement suggested that they will allocate $100M, $100M, $300M and $500M to each segment, respectively.
The Investment & Incubation Program, the largest benefactor of the pot, will focus on the multi-chain expansion of the already burgeoning areas of the technological sphere. This includes various metaverses, gaming, virtual reality, and artificial intelligence.
In the announcement, the platform outlined high expectations for the advancement of interoperability between traditional and Web 3.0 infrastructures.
Binance Smart Chain was launched in September 2020 as a foundational launchpad to foster the development of decentralized applications, or dApps, compatible with the Ethereum blockchain through the Ethereum Virtual Machine.
Since its inception, the platform has grown in stature to service in excess of 1 million daily active users across a wide range of more than 900 dApps. One of the most notable Dapp built upon BSC is PancakeSwap which is a decentralized exchange (DEX) and currently has a total value locked of 9.8 billion according to data from Defistation.