Binance’s cryptocurrency exchange announced a $1B accelerator fund to help expand the capabilities of its Binance Smart Chain ecosystem, and promote mainstream adoption in the financial technology sector.
The eight-figure fund was displayed in a tiered model that covered four areas: Talent Development and Liquidity Incentive Program, Builder Program, Investment & Incubation Program. They will each allocate $100M, $100M $300M, $500M and $500M respectively, according to the announcement.
The investment and incubation program will be the largest beneficiary of the pot. It will concentrate on multi-chain expansion of already flourishing areas of technology. This includes gaming, virtual reality, and artificial intelligence.
Changpeng Zhao, founder of Binance Maverick, also known as CZ on Twitter, shared a simple but effective view on the news.
A billion reasons to #buidl on #BSC https://t.co/DHeUktfj84
CZ Binance (@cz_binance), October 12, 2021
The platform stated that it has high expectations for interoperability between Web 3.0 and traditional infrastructures.
The investment fund will collaborate with industry-leading organisations to scale blockchain technology for real-life applications and will bridge the gap that exists between crypto-blockchain, technical-financial and current financial sectors.
Related: Binance, a globe-trotting Binance, looks to Ireland as a ‘central’ headquarters
As a foundational launchpad for the development of decentralized apps, Binance Smart Chain was launched to the market in September 2020.
The platform has seen a steady increase in popularity since its inception. It now serves more than 1 million active users per day across a variety of more that 900 dApps. PancakeSwap, one of the most prominent decentralized exchanges (or DEX’s) built on BSC, currently has a total valued locked, or TVL figure of 9.8 Billion according to data from Defistation.
Binance Smart Chain and blockchain security firm ImmuneFi partnered to offer bug bounties to developers and hackers who are ethically focused in decentralized finance.