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binance lanuch $1 Billion crypto fund growth for blockchain technology

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Pavan A Follow

INDIA

Oct, 15 2021

Oct, 15 2021

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Binance crypto exchange launched a $1 billion crypto fund to growth and support the adoption of blockchain technology and the blockchain binance smart chain.

The Binance Smart Chain Accelerator Fund’s investment director, Gwendolyn Regina quotes in a statement, “With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains.

According to BSC, more than $500 million of the fund will be invested in the growth of metaverse technologies, gaming, decentralized computing, artificial intelligence, virtual reality, and blockchain-based financial services.

The rest of the funds will be dedicated to a builder program, which will receive $300 million, liquidity incentives, and talent development programs will each receive $100 million.

BSC’s mentorship committee will use the $1 billion fund to help developer communities throughout the world reach new audiences, grant academic scholarships to institutions, and encourage developing technology research and development.

Top VCs will mentor and fund 100 innovative dApps and infrastructures built on top of BSC. Additionally, it will host conferences, joint bug bounty programs, and regional and global hackathons.

The BSC community will be a driving force in spreading Binance Smart Chain geographically, concentrating on regions rich in blockchain technology such as Russia, India, South East Asia, Europe, the United States, and South America.

As part of its mission to propagate financial inclusion and sovereignty, the BSC core community will collaborate closely with top Fintech businesses, crypto advisors, blockchain researchers, and other prominent individuals in the industry.

Currently, BSC is one of the largest decentralized applications, with over one million daily active users spread across 900 decentralized apps.

The US, South Africa, and Singapore, among other countries, have all targeted Binance in recent months because the crypto ecosystem has grown to the point where authorities are taking notice of its developments. In response, Binance CEO Changpeng Zhao stated that the company is focussing on compliance and regulation.


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Pavan A

CBW - External Analyst

INDIA

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