Crypto exchange Binance has announced the launch of a $1 billion fund to push the adoption of not only the Binance Smart Chain (BSC) ecosystem, but the whole blockchain industry.
See: 7 Best Blockchain Stocks To Buy Right Now
Learn: Bitcoin’s Blockchain Activity, Rising Network Adoption Might Signal Bull Cross
“It’s time to accelerate #BinanceSmartChain’s journey towards scaling and mass adoption. We’re announcing the biggest growth fund in the history of crypto — the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry,” Binance tweeted.
The fund is categorized into four different groups, each aiming at different challenges and goals, according to a statement on Binance’s website.
A total of $100 million funds is reserved for talent development which includes mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps, and supporting R&D on cutting-edge blockchain innovations around cryptography, multi-party computing (MPC), high-performance consensus protocols, cross-chain & multi-chain infrastructure, RegTech & Deep Analytics, and more.
“We want to raise a generation of crypto-native professionals that will spread across the industry and push blockchain adoption forward,” according to the announcement.
Related: SEC Chair Gensler’s 49 Proposed Regulations Draw Ire of Hedge Fund Managers, Brokers and More
A $100 million liquidity initiative will run multiple programs to encourage participation from traditional financial markets and crypto. “This will be targeted to developing compliant relationships between investors and evolving emerging digital asset markets,” the statement says.
Additionally, $300 million are set aside for a builder and incubation program, to conduct regional and global hackathons, as well as incubate 100 innovative Decentralized applications (dApps) and infrastructure provides building on top of BSC who will receive mentoring from top venture capital and technical support from the BSC core community.
Finally, $500 million will be set aside for an investment program “to accelerate mainstream adoption and to bring disruption to financial infrastructures,” according to the statement. Binance says that the fund will be used to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence and financial services, which will not be limited to BSC but also support all the blockchain infra.
“With collaborations from industry-leading organizations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors,” according to the statement.
Conversely: As JPMorgan CEO Slams Bitcoin as ‘Worthless,’ Bank of America Argues Digital Assets ‘Too Large to Ignore’
Explore: What Is the Next Big Cryptocurrency To Explode in 2021?
The exchange launched the Binance Smart Chain on Mainnet in September 2020, activating the parallel blockchain to Binance Chain that will enable the creation of smart contracts and the staking mechanism for BNB, according to 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,” Gwendolyn Regina, investment director of the BSC Accelerator Fund, told Bloomberg.
More From GOBankingRates
Last updated: October 13, 2021
This article originally appeared on GOBankingRates.com: Binance Launches ‘Biggest Growth Fund in Crypto History’ — How Could It Impact Blockchain Industry?