The world’s most prominent crypto exchange, Binance, has reportedly launched a fund amounting to $1 billion specifically to support the growth of the several projects currently housed within its native blockchain, Binance Smart Chain (BSC).
In an accompanying blog post, Binance explains that the majority of the $1 billion fund would be used to expedite and strengthen its development in virtual reality, gaming, and blockchain-based monetary services.
While the primary focus of this new effort would undoubtedly be on BSC, Binance states that it also aims to aid other blockchain infrastructure projects. It notes that it now has several partnership ventures with some of today’s leading organizations within the space in line.
BSC Accelerator Fund Investment Director, Gwendolyn Regina, commented on this recent development by stating that the growing blockchain startup ecosystem has reinforced the exchange’s desire to help other companies thrive. Using the recently launched $1 billion fund, Binance gears up to push crypto and blockchain adoption further and accelerate its growth worldwide, adds Regina.
Despite its immense promise, BSC has failed in comparison to its contemporaries in terms of growth. That being said, BSC looks to upgrade its one million daily active addresses average by a long mile with this new influx of cash and renewed focus.