Binance, the world’s largest crypto exchange by trading volume, announced on the 12th that it has launched a $1 billion Binance Smart Chain fund to boost crypto and blockchain adoption.
According to the press release, the fund will be distributed in four key areas: talent development, liquidity incentives, builder programs, and investments.
Of the total, $100 million will be invested in liquidity incentives which will be used to reward liquidity providers that support DeFi in the BSC ecosystem. Another $100 million will be distributed to the talent development program. They will use the fund to guide the developer community, provide scholarships to institutions, and support research and development.
The builder program will manage $300 million where $100 million will be allocated to the hackathon and bounty programs, and the remaining $200 million will be used to train the top 100 dApps in the BSC.
Lastly, the remaining $500 million will be reserved for investments in startups working in multiple areas such as distributed computing, gaming, metaverse, virtual reality, AI, and blockchain-based financial services.
Gwendolyn Regina, Investment Director of the BSC Accelerator Fund, said in a statement:
“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.”