Binance will launch a $1 billion fund to develop the BSC ecosystem.

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According to the announcement, the programme is the largest ever announced in the crypto space.

Binance, the cryptocurrency exchange, has announced a $1 billion accelerator fund to expand the capabilities of the Binance Smart Chain ecosystem and accelerate mainstream adoption across the financial technology sector.

The eight-figure fund was showcased in a tiered development model across four specialist areas at the exchange: Talent Development, Liquidity Incentive Program, Builder Program, and Investment & Incubation Program. According to the announcement, they will allocate $100 million, $100 million, $300 million, and $500 million to each segment, respectively.

The largest benefactor of the pot, the investment & incubation program, will focus on multi-chain expansion of the already burgeoning areas of the technological sphere. This includes various metaverses, gaming, virtual reality and artificial intelligence.

Maverick founder of Binance, Changpeng Zhao — otherwise known as CZ on Twitter — shared a simple, yet effective perspective on the news:

In the statement, the platform outlined high expectations for the advancement of interoperability between traditional and Web 3.0 infrastructures:

“With collaborations from industry-leading organizations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.”

Binance Smart Chain was introduced to the market in September 2020 as a foundational launchpad to foster the development of decentralized applications, or dApps, compatible with the Ethereum blockchain through the Ethereum Virtual Machine.

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Since its inception, the platform has grown in stature to serve over 1 million daily active users across a diverse set of over 900 dApps. According to Defistation data, one of the most notable decentralised exchanges, or DEXs, built on BSC is PancakeSwap, which currently has a total value locked, or TVL, of 9.8 billion.

Binance Smart Chain partnered with blockchain security firm ImmuneFi to offer bug bounties and other reward incentives to ethically-focused whitehat hackers and developers in the midst of the insidious rise of hacks and breaches in the decentralised finance, or DeFi, space.

 

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