Binance, a prominent multi-lingual cryptocurrency exchange, plans to create a $1 billion fund, Ella Zhang, head of Binance Lab, announced at an online conference.
Binance Lab will select 20 qualified fund partners to work together in providing financial support for high-quality projects.The exchange has outlined a number of conditions for potential partners - according to a Binance representative, they must be long-term investors who believe in the crypto industry and blockchain, and have more than US$100 million in assets under management.
After the applicants confirm the size of their fund and present their team members and investment portfolios, Binance Lab will consider them as a partner.
The fund will make investments using BNB coins. Chen Weixing’s blockchain-based ride hailing project is already set to be the lab’s first incubation project. Chen is the CEO of app developer Funcity and the founder of Kuaidi Dache, which merged with Didi Dache in February 2015.
Binance is an international multi-language cryptocurrency exchange. Since its inception in July 2017, it is already considered to be one of the world’s largest cryptocurrency exchanges. The company was originally founded in Hong Kong, but was forced to move its offices to Japan after the Chinese government banned cryptocurrency trading in September 2017.
By Ekaterina Ulyanova