Cryptocurrency exchange Binance announced Tuesday the launch of a $1 billion Binance Smart Chain (BSC) Fund.
“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 BSC Accelerator Fund said in a statement.
The Binance Smart Chain mainnet launched in September last year. At the time, the company announced a $100 million BSC Accelerator Fund to support Dapps building on BSC. It seed-funded over 40 projects with up to $1 million. In addition, over 60 projects have been incubated under the company’s Most Valuable Builder (MVB) Accelerator Program.
BSC has over one million daily active users spread across more than 900 decentralized applications, making it one of the biggest crypto ecosystems.
A total of $500 million from the fund will be reserved for investments to help grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence and blockchain-based financial services, BSC said.
Of the remainder $300 million will be earmarked for a builder program and $100 million each for liquidity incentives and talent development.
The program is designed to boost the growth and innovation of projects and bolster the wider community and create a crypto-native pool of talent that will pave the future of crypto.
Source: Bitcoin News