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Binance unit launches $1 billion fund to fast-track blockchain tech adoption

The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta’s official Blockchain and Digital Innovation event promoting cryptocurrency, in Ta’ Qali, Malta October 3, 2019. REUTERS/Darrin Zammit Lupi

Oct 12 (Reuters) – Binance Smart Chain, a unit of crypto exchange Binance, said on Tuesday it had launched a $1 billion fund to help fast-track adoption of digital assets and blockchain technology.

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.

“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.

BSC has over one million daily active users spread across more than 900 decentralized applications, making it one of the biggest crypto ecosystems.

Reporting by Richard Rohan Francis in Bengaluru; Editing by Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.

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