Binance announced the biggest crypto fund worth $1 billion aimed at accelerating the adoption of digital assets and its smart chain called Binance Smart Chain (BSC). Binance called its crypto fund the biggest funding program of its kind in the whole cryptocurrency industry. The latest crypto fund announcement comes after a year of its BSC accelerator fund worth $100 million. The BSC accelerator fund was used to promote the use of BSC and help new Dapps, and as a result, Binance seed-funded nearly 40 projects with investments of up to $1 million, and another 60 projects were added to the incubation program.
The $1 billion crypto fund has been divided mainly into four major parts
- $100 million for talent development,
- $100 million for the liquidity incentive program,
- $300 million for the builder program
- $500 million for the investment & incubation program
The world’s leading crypto exchange by trading volume is working to bring bigger innovation to the crypto world and the billion-dollar fund will help in achieving that. Binance said,
“With a total of $1 billion in available funding, this is the world’s largest crypto accelerator. 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.”
Binance Continues to Focus on Development Amid Regulatory Hurdles
Binance over the past year has faced regulatory actions and warning from nearly a dozen countries over non-compliance. While the regulatory burden keeps mounting for the crypto exchange, it continues to make new development programs to make Binance the go-to global option for crypto users. These accelerator programs have led to several successful companies today. Polygon, the Ethereum second layer solution is a prime example of successful products coming out of Binance incubation and accelerator programs.
Binane is also working with regulators to mend its ways and become a fully compliant crypto exchange in countries it’s currently operational in.