Binance cryptocurrency exchange has unveiled a $1 billion accelerator fund to enhance the Binance Smart Chain ecosystem’s capabilities and accelerate mainstream adoption across the blockchain sector.
The eight-figure fund was included in a four-tiered development plan at the exchange: Talent Development, Liquidity Incentive Program, Builder Program, and Investment & Incubation Program.
According to the release, each segment will receive $100 million, $300 million, and $500 million, respectively.
The investment and incubation program, which will be the main beneficiary of the pot, will focus on multi-chain expansion of the already booming areas of the technical world. Various metaverses, gaming, virtual reality, and artificial intelligence are all examples of this.
Changpeng Zhao, the maverick creator of Binance, also known as CZ on Twitter, provided a simple yet effective take on the news:
The platform stated its great hopes for the expansion of interoperability between traditional and Web 3.0 infrastructures in the statement:
“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.”
The Binance Smart Chain was launched in September 2020 as a basic launchpad to encourage the development of decentralized apps, or dApps, that are interoperable with the Ethereum blockchain via the Ethereum Virtual Machine.
Since its start, the platform has grown in scale to serve more than 1 million daily active users across over 900 dApps.
PancakeSwap is one of the most well-known decentralized exchanges (DEXs) based on BSC, with a total value locked (TVL) of $9.8 billion, according to data from Defistation.
Binance Smart Chain teamed with blockchain security firm ImmuneFi to give bug bounties and other compensation incentives to ethically-minded whitehat hackers and developers in the wake of the gradual increase of hacks and breaches in the decentralized finance, or DeFi, field.
