Cryptocurrency exchange Binance has announced the creation of a $1 billion acceleration fund to boost the Binance smart chain ecosystem and drive massive adoption in the fintech sector.
The exchange showed an eight-digit fund in a phased development model across four special areas: Talent Development, Liquidity Incentive Program, Build Program, Investment and Incubation Program. In the declaration, he proposed allocating 100, 100, 300 and 500 million dollars to each sector, respectively.
The bank’s largest sponsor, an investment and incubation program, will focus on expanding several already new technology area chains. This includes many meta-universes, games, virtual reality, and artificial intelligence.
Binance founder Maverick Changpeng Zhao, aka CZ, shared on Twitter a simple yet effective news presentation:
In a statement, the platform outlined high hopes for improving interoperability between traditional infrastructure and Web 3.0 infrastructure:
“In collaboration with leading industry organizations, the investment fund will aim to extend the scope of blockchain technology to real-world uses and build bridges between cryptocurrency and the existing technical and financial sector.”
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The Binance Smart Chain was introduced to the market in September 2020 as a primary launch platform for developing decentralized applications or dApps compatible with the Ethereum blockchain via the Ethereum virtual machine.
Since its inception, the platform has grown to serve more than 1 million daily active users across a wide range of more than 900 decentralized applications. One of the most prominent decentralized exchanges, or BSC-based DEXs, is PancakeSwap, which currently has a total value of $9.8 billion, or TVL, according to Defistation.
Amidst a malicious increase in hacker attacks and breaches of decentralized finance or DeFi, Binance Smart Chain has partnered with blockchain security firm ImmuneFi to offer bug bounties and other incentives to ethical hackers and developers.