Binance CEO Changpeng Zhao (CZ) has announced during the World of DeFi summit new plans to further support the DeFi ecosystem and solutions to bridge DeFi and CeFi ecosystems.
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As part of the support, CZ has announced a new $100 million fund on the Binance Smart Chain (BSC).
Binance will also support BSC by giving it access to its users and assets through a seamless integration between Binance.com and BSC via one secure account.
Users will benefit from CeFi (Margin, Futures, Savings, DeFi Staking, and DeFi Pooling) and DeFi products on BSC (Lending, AMM, Liquidity Minging, Yield Farming) on one platform.
Binance also plans to list strong projects from BSC on its platform.
In general, BSC plans to bridge assets of USD $1 billion with the following features at start:
- Security and Trust: Binance's secure and trustcustody service with SAFU insurance;
- All-inclusive:The cross-chain service with the most comprehensive asset coverage, laying thefoundation for the future "Internet of Value" (multiple blockchainbridges/collaboration for DeFi);
- Liquidity:Binance exchange and BSC’s liquidity are interconnected.
Previously, iHodl reported that the total value of funds locked in decentralized finance projects (DeFi) hit a new high after reaching $9.02 billion.
However, amid bitcoin's recent drop, the total value locked in DeFi decreased to $7.7 billion.
Meanwhile, Binance is planning to close its East African arm, Binance Uganda, due to low trading volume and liquidity, Binance CEO Changpeng Zhao earleir hinted.
The largest derivatives exchange by trading volume has already taken a decision to delist binance coin (BNB), the exchange's native token, from Binance Uganda.
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