Tuesday 12 October 2021 3:14 pm

Binance launches $1bn fund to encourage mass crypto adoption

Binance, the world’s largest crypto exchange, has launched a $1bn (£736m) Crypto Mass Adoption Fund to accelerate the use of digital assets and blockchain technology.

The billion dollar investment will support the Binance Smart Chain, a blockchain which developers can use to build decentralised applications (dapps) and projects.

Half of the fund will be reserved for investments in decentralized computing, gaming, metaverse, virtual reality, artificial intelligence and blockchain-based financial services. The remainder will be divided amongst a Builder Program, which will receive $300m, while liquidity incentives and talent development will be allocated $100m each.

“BSC’s growth has attracted over 100m users with its initial funding of $100m,” said Binance CEO ‘CZ’ Changpeng Zhao.

“With the additional contribution of $1bn, BSC will be better equipped to disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchains ecosystem with 1 billion users,” he added.

“The thriving blockchain startup ecosystem has encouraged us to invest our time, efforts and resources in helping companies build from the ground up,” said Gwendolyn Regina, Investment Director, BSC Accelerator Fund.

“We’re gearing up to bolster the adoption of crypto and blockchain to accelerate its growth globally,” Regina continued, explaining that the $1bn initiative will help BSC to build cross-chain and multi-chain infrastructures integrated with different types of blockchains.

With the funding BSC’s mentoring committee will also help to develop 100 innovative dApps/infra building on top of BSC which will receive mentoring from top VCs along with funding opportunities.

Read more: Binance hires two US financial crime experts to bolster security