Binance has announced the launch of a US$1 billion Crypto Mass Adoption Fund for Binance Smart Chain (BSC) to accelerate the adoption of digital assets and blockchain technology globally.
The crypto exchange said that the fund will be used for four initiatives: investments, talent development, liquidity incentives, and a builder program.
Binance CEO Changpeng Zhao / Photo credit: Coinpedia
A total of US$500 million has been allocated for investments, which will mainly focus on areas including decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and blockchain-based financial services.
Binance will invest US$300 million in its builder program and US$100 million each in liquidity incentives and talent development.
Under the fund, BSC’s mentoring committee will help developer communities reach new audiences, and provide academic scholarships to institutions, among other assistances. The BSC community will also host hackathons, joint bug bounty programs, and developer conferences.
“BSC’s growth has attracted over 100 million users with its initial funding of US$100 million,” said Binance CEO Changpeng Zhao in a statement.
“With the additional contribution of US$1 billion, BSC will be better equipped to disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchain ecosystem with 1 billion users,” he stressed.
The new fund comes as Binance faces increasing regulatory scrutiny in several countries.
See also: Why angry investors are trying to sue Binance
To address some of these concerns, the crypto exchange is planning to establish a base in Ireland and other locations across the world Reuters reported.
Editing by Collin Furtado and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
