Binance announced $1 billion growth fund

Binance announced last Tuesday, October 12, through its Twitter account, the launch of the largest growth fund in the history of cryptocurrencies: the $1 billion fund to drive the adoption not only of BSC but of the entire blockchain industry.

Image on Binance’s Twitter post

“When the Binance Smart Chain mainnet launched just over a year ago, we announced the $100 million BSC Accelerator Fund designed to support the building of dApps at BSC. We wanted to highlight that BSC offers them unique incentives to boost their growth in addition to being the most profitable blockchain”, he said through an article published on your website.

According to the company, since then, the creation of a $100 million fund to boost the BSC ecosystem has financed more than 40 projects with up to $1 million. Separately, more than 60 projects have been incubated under the Most Valuable Builders Program. Over 200 startups have received a boost in funding hackathons and grant programs (Build for Bharat, Gitcoin, Dorahacks events, Russian-SEA-Africa Hackathon, and more). The BUIDL Rewards Program (now merged with MVB) distributed more than $30 million to eligible projects; the distribution list is publicly available. Joint rewards programs under the $10 million security initiative called Priority ONE have incorporated several major BSC projects to improve their security, with many of them launching their own rewards to reward independent security experts.

In his view, BSC is becoming one of the best blockchains to test and start new dApps. Its thriving community has over 1 million daily active users spread across over 900 dApps, making BSC one of the largest crypto ecosystems overall.

The company explained that its core vision is to provide a robust ecosystem for cross-chain and multi-chain to interoperate and run smoothly while being profitable. As this is a continuous advance, it is time to accelerate our efforts to scale these solutions for the masses to build powerful financial infrastructures. Our aim is to introduce the decentralized world of gaming, social media, financial services and more to the general masses to spread awareness about WEB 3.0.

“To address this, Binance announces the largest funding program of its kind in the entire cryptocurrency industry – the $1 billion fund to drive adoption of not just BSC but the entire blockchain industry”, he added.

Also read: PowerPool announced collaboration with NEAR Protocol

$1 billion growth fund

The company classified the fund into 4 different groups, each targeting different challenges and objectives:

 $100 million in talent development

A total of $100 million of funding is set aside for talent development, including mentoring developer communities, educating new crypto investors, awarding academic scholarships to universities, conducting boot camps and supporting to R&D on cutting-edge blockchain innovations around cryptography and Multi-Party Computing (MPC).), high-performance consensus protocols, cross-chain and multi-chain infrastructure, RegTech and Deep Analytics, and more. We want to train a generation of crypto-native professionals who will spread across the industry and drive blockchain adoption.

$100 million liquidity incentive program

The Liquidity Incentive initiative will run multiple programs to encourage participation in traditional financial markets and cryptocurrencies, including but not limited to:

• Provide liquidity rewards to specific protocols based on Innovation, TVL, active users, or trading volumes. For example, in the fourth quarter, Advanced DeFi is one of the most demanding dApps in the BSC ecosystem, and derivatives projects such as MCDEX.io and Deri.finance will be the first pilots to join this liquidity reward program.

• Provide flexibility and support for professional merchants and institutions to provide more liquidity on DeFi protocols. For example, more contribution in liquidity funds in automated market makers, loans and loans in money markets, agricultural production in vaults, higher arbitrage profits and more.

This will aim to develop compatible relationships between investors and emerging markets of evolving digital assets. A total of $ 100 million of funds are reserved under the liquidity incentive initiatives.

$300 million construction and incubation program

The Builders Program will be boosted with an additional $300 million. Of which $100 million will be used to run regional and global hackathons, white hackers who benefit from joint bug bounty programs, hold developer conferences, and support existing mainstream development programs. The Most Valuable Builder (MVB) program is already becoming one of the best incubation programs. The remaining $200 million will be used to expand MVB and incubate 100 innovative dApps and infrastructure provides building on BSC, who will receive superior venture capital mentorship and technical support from the core BSC community.

$500 million investment program

To accelerate mainstream adoption and disrupt financial infrastructures, a total of $500 million will be set aside. This fund will be used to grow decentralized computing, games, metaverse, virtual reality, artificial intelligence and financial services, which will not be limited to BSC, but will also support the entire blockchain infrastructure. With collaborations from industry-leading organizations, the investment fund will focus on scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and today’s technical-financial sectors.

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