Binance unit launches US$1b fund to fast-track blockchain tech adoption

[CAYMAN ISLANDS] Binance Smart Chain, a unit of crypto exchange Binance, said on Tuesday it had launched a US$1 billion fund to help fast-track adoption of digital assets and blockchain technology.

A total of US$500 million from the fund will be reserved for investments to help grow decentralised computing, gaming, metaverse, virtual reality, artificial intelligence and blockchain-based financial services, BSC said.

Of the remainder US$300 million will be earmarked for a builder programme and US$100 million each for liquidity incentives and talent development.

"With the US$1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains," Gwendolyn Regina, investment director of BSC Accelerator Fund said in a statement.

BSC has over one million daily active users spread across more than 900 decentralised applications, making it one of the biggest crypto ecosystems.

REUTERS