Binance sets up a $1 billion fund to develop the BSC ecosystem

The cryptocurrency exchange Binance announced the launch of a $1 billion fund to develop and support the Binance Smart Chain (BSC) ecosystem.

It’s time to accelerate #BinanceSmartChain‘s journey towards scaling and mass adoption 🚀

We’re announcing the biggest growth fund in the history of crypto – the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry.
👇https://t.co/lkTHmp8fRm

— Binance Smart Chain (@BinanceChain) October 12, 2021

The fund is divided into four categories:

• Talent development programme ($100m);
• Liquidity incentive programme ($100m);
• Developer programme ($300m);
• Investment and incubation programme ($500m).

The final category targets funding for startups across various sectors, including gaming and VR/metaverse apps.

The Binance chief Changpeng Zhao said the new fund would accelerate global adoption of digital assets and make BSC ‘the first-of-its-kind blockchain ecosystem with a billion users’.

Against this backdrop, the price of the Binance Coin (BNB) rose 7.7% in the last hour, according to CoinGecko. At one point the quotes hit $428; since then they have cooled to $426.

In April 2021, the Binance Smart Chain posted a record daily transaction count of 9.13 million.

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