Cryptocurrency exchange Binance has created a $ 1 billion acceleration fund to expand the Binance Smart Chain ecosystem and increase adoption in the fintech industry.
The exchange has defined the eight-digit fund as a gradual development model that will serve four areas. These areas are; Liquidity Incentive Program, Talent Development, Creators Program, Investment Program and Incubation. The announcement said that $ 100 million, $ 100 million, $ 300 million, and $ 500 million will be allocated to each area, respectively.
The investment and incubation program, which had the largest share in its creation, will focus on expanding the multi-chain technology ecosystem already under development. This includes various fields of metaverse, games, virtual reality, and artificial intelligence.
Changpeng Zhao, the founder of Binance, known on Twitter as CZ, shared a simple but effective comment on the news:
– CZ Binance (@cz_binance) October 12, 2021
In the statement, the platform outlined its prospects for improving interoperability between traditional infrastructures and Web 3.0:
“With collaborations from industry-leading organizations, the mutual fund will aim to scale blockchain technology in real-life use cases, bridging the gap between the crypto blockchain and existing financial industries.”
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Binance Smart Chain was launched in September 2020 as a startup platform to promote the development of decentralized applications (dApp) compatible with the Ethereum blockchain through the Ethereum virtual machine.
Since its inception, the platform has grown to serve over 1 million daily active users across a wide range of over 900 dApps. One of the most notable decentralized exchanges (DEX) built on BSC is PancakeSwap, which currently has a total locked value of 9.8 billion according to data from Defistation.
As cyberattacks on the rise in the decentralized finance (DeFi) space, Binance Smart Chain has partnered with blockchain security firm ImmuneFi to offer rewards and incentives to ethical white hat hackers and their developers.