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- Binance has launched a $1 billion fund to support the growth of the Binance Smart Chain.
- The bulk of the funds will be used to develop games, virtual reality and blockchain-based financial services.
- This move comes during a period of fierce competition among the first-tier blockchain.
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Binance, the world’s largest cryptocurrency exchange, has announced a $1 billion crypto growth fund to support the development of projects on the Binance Smart Chain.
Binance looks to boost BSC
The competition between the Tier 1 blockchain is heating up, and Binance is investing heavily.
The exchange announced the launch of a $1 billion development fund on Tuesday, with the aim of supporting projects built on the Binance Smart Chain.
It’s time to hurry up #BinanceSmartChainJourney towards expansion and mass adoption 🚀
We announce the largest growth fund in crypto history – a $1 billion fund to drive adoption of not just BSC but the entire blockchain industry.
👇 https://t.co/lkTHmp8fRm– Binance Smart Chain (BinanceChain) October 12 2021
in a Blog post Binance clarifies this move, in which the bulk of the funds will be used to promote development in games, virtual reality and blockchain-based financial services. While the focus will be on development on the Binance Smart Chain, the exchange indicated that it aims to support other blockchain infrastructure projects, in collaboration with several industry-leading organizations in the business.
Of the remaining funds, $300 million will boost the existing build bounty program by conducting regional and global hackathons, rewarding white hackers with shared bug bounty programs, and running developer conferences.
In addition, the fund will offer liquidity incentives for DeFi protocols built on the Binance Smart Chain. Another $100 million will also be allocated to developing talent by mentoring developer communities, educating new crypto investors, and providing academic scholarships to universities.
Commenting on the update, Gwendolyn Regina, Chief Investment Officer at Binance Smart Chain Accelerator Fund stated:
“Through the $1 billion initiative, our focus will be expanded to build cross- and multi-chain infrastructures integrated with different types of blockchain.”
Over the past few months, the popularity of the first layer blockchain has increased. Networks like Solana and Avalanche have seen massive amounts of users and liquidity enter their ecosystems, thanks in part to easy access from bridges across chains like Avalanche Bridge and Wormhole.
While Binance Smart Chain maintains an average of 1 million active addresses per day, it hasn’t seen as much growth lately as its competitors. In addition to building DeFi and gaming on the Binance Smart Chain, Regina’s comments also indicate that the exchange believes that cross-chain interoperability will be key to attracting more users in the future.
Binance Smart Chain is a blockchain developed by Binance and launched in September 2020. It has a lot of functionality like Ethereum while also significantly reducing gas fees. The chain is also compatible with the Ethereum ecosystem through the Ethereum Virtual Machine.
Disclaimer: At the time of writing this feature, the author owns BTC, ETH, and many other cryptocurrencies.
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