Binance, the largest cryptocurrency exchange by trading volume, has just rolled out a $1 billion Growth Fund for Binance Smart Chain aimed at accelerating the adoption of digital assets and blockchain tech, according to the press release shared with iHodl.
Binance has reported that several programs will be set up in the coming months under this new fund with the aim of empowering the growth of cryptos worldwide.
The fund has been specifically designed to incubate new blockchain-crypto projects as well as run advanced technological development programs.
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Changpeng Zhao (CZ), CEO at Binance, said about the fund:
"BSC’s growth has attracted 100M+ DeFi users with just an initial funding of $100 million With the new contribution of $1B, it can disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchain ecosystem with one billion users".
Per the press release seen by iHodl, the fund will be divided into 4 broader categories:
- Talent Development - Innovation: A total of $100M funds are reserved for Talent Development.
- Liquidity Incentive Program - Trading: The Liquidity Incentive initiative will run sub-programs to encourage participation from traditional financial markets as well as crypto.
- Builder Program - Technological startups: The Builder Program will be boosted with an additional $300 million.
- Investment/Incubation Program for Industrial development: To accelerate mainstream adoption and bring disruption to financial infrastructures a total of $500 million will be reserved.