Binance Smart Chain: billion dollar growth fund set up

Binance would like to financially support and expand four differently weighted priorities by means of a billion dollar funding.

The world’s largest crypto trading platform Binance gave today, Tuesday, October 12th, known to set up a billion-dollar fund to support growth in the blockchain ecosystem of their own Binance Smart Chain (BSC) to heat up. The nine-digit amount is intended to improve the scalability and performance of blockchain applications. Basically, the company plans to promote growth and innovation in the crypto industry and thus accelerate the growth of a broad community with a talent pool. For this, the Binance Smart Chain creates a battle plan with four differently weighted focal points: talents, bonuses, development and promotion.

100 million for talent, 100 for projects and 300 for the best ideas

BSC is investing the first 100 million US dollars in talent development. This is intended to train investors and students through special programs. The company also wants to enable boot camps and further promote the development of blockchain-relevant areas (such as cryptography).

A further US $ 100 million will be set up as a liquidity bonus program. The aim of this is to promote the participation of traditional financial markets in the crypto sector. With the program, on the one hand, specific protocols such as Advanced DeFi be financially supported. On the other hand, Binance would like to provide support for actors and institutions through the BSC.

At the same time, Binance is investing 300 million US dollars in the so-called “Builder” program through the Binance Smart Chain. Of these, $ 100 million will go into running hackathons and $ 200 million into the Most Valuable Builder Program (MVB). In the MVB, companies apply in rounds for increasing financing for the projects developed on the Binance Smart Chain. The aim of the MVB is to further develop decentralized apps (dApps) by expanding the infrastructure, offering technical support and special mentoring programs.

Invests in the entire ecosystem

In addition, US $ 500 million will be made available for an investment program. The exciting thing about this is that Binance states in the press release that it does not want to make this money available only for purposes on its own blockchain BSC. Instead, the half billion US dollars will support the entire blockchain ecosystem in promoting technology and intensifying use. The main focus is on increasing the benefits of decentralized computing, gaming, virtual reality, artificial intelligence and financial services. Binance would like to enable real use cases via the BSC and build the bridge between the crypto blockchain and the current technical-financial sectors.