October 12, 2021 — Binance, the world’s leading blockchain ecosystem and cryptocurrency platform, has launched a $1 billion Growth Fund for Binance Smart Chain (BSC), to accelerate adoption of digital assets and blockchain technology.
“BSC’s growth has attracted over 100 million users with its initial funding of $100 million,” said Binance CEO ‘CZ’ Changpeng Zhao “With the additional contribution of $1 billion, BSC can disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchains ecosystem with 1 billion users.” he added.
The $1 billion fund, which Binance says is the biggest funding program of its kind in the whole cryptocurrency industry, will be divided across four key initiatives: Investments, Builder Program, Talent development, and Liquidity Incentives.
$100 Million Talent Development
A total of $100M funds are reserved for Talent Development which includes mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps, and supporting R&D on cutting-edge blockchain innovations around cryptography, multi-party computing (MPC), high-performance consensus protocols, cross-chain & multi-chain infrastructure, RegTech & Deep Analytics, and more.
We want to raise a generation of crypto-native professionals that will spread across the industry and push blockchain adoption forward.
$100 Million Liquidity Incentive Program
The Liquidity Incentive initiative will run multiple programs to encourage participation from traditional financial markets and crypto, including but not limited to:
Provide liquidity rewards to the specific protocols based on Innovation, TVL, active users, or trading volumes. E.g., In Q4, Advanced DeFi is one of the most demanding dApps in the BSC ecosystem, and Derivatives projects like MCDEX.io and Deri.finance will be the first pilots to join this liquidity reward program.
Provide flexibility and support for professional traders and institutions to provide more liquidity in DeFi protocols. For instance, more contribution in liquidity pools in Automated Market Makers, borrowing and lending in money markets, yield farming in vaults, higher arbitrage gains, and more.
This will be targeted to developing compliant relationships between investors and evolving emerging digital asset markets. A total of $100M funds are reserved under the Liquidity Incentive initiatives.
$300 Million Builder & Incubation Program
The Builder Program will be boosted with an additional $300M. Out of which $100M will be utilized to conduct regional and global hackathons, white hackers benefiting joint bug bounty programs, running developer conferences, and supporting existing mainstream development programs. The Most Valuable Builder (MVB) program is already becoming one of the best incubation programs.
The remaining $200M will be used to expand MVB and incubate 100 innovative dApps and infrastructure provides building on top of BSC who will receive mentoring from top venture capital and technical support from the BSC core community.
$500 Million Investment Program
To accelerate mainstream adoption and to bring disruption to financial infrastructures, a total of $500M will be reserved. This fund will be utilized to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and financial services, which will not be limited to BSC but also support all the blockchain infra. 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.
With a total of $1 billion in available funding, this is the world’s largest crypto accelerator. The program is designed to boost the growth and innovation of projects and bolster the wider community and create a crypto-native pool of talent that will pave the future of crypto. This program will take us one leap closer to making BSC the most inclusive and used blockchain infrastructure in the world, creating the new Internet of Value for everyone.
We also hope that this program will benefit all the participants in the crypto market, whether it be through creating new talent or building new businesses and projects.
More details for each program will be announced in the following several weeks. Stay tuned!
Visit Binance for more details.