Binance announced that it has launched a $1 billion fund to grow the Binance Smart Chain (BSC) ecosystem.
Leading crypto-asset trading platform Binance has announced a sizable fund to grow the Binance Smart Chain (BSC) ecosystem. The fund is divided into four as talent development, liquidity incentive program, developer program and investment and incubation program. The $100 million talent development program aims to guide developer communities, provide academic scholarships to institutions, and support crypto and blockchain-related research and development, while another category, the $100 million liquidity incentive program, supports decentralized finance (DeFi) protocols built on BSC. plans to reward liquidity providers.
A relatively large amount of funding has been allocated to the developer program. The $300 million development program aims to run hackathons, bug bounty and development programs and incubate 100 decentralized applications built on BSC.
The largest part of the fund is reserved for the investment and incubation program with 500 million dollars. This category aims to invest in startups in different fields, including decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and blockchain-based financial services.