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

Kitco News

(Reuters) - Binance Smart Chain, a unit of crypto exchange Binance, said on Tuesday it had launched a $1 billion fund to help fast-track adoption of digital assets and blockchain technology.

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

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

"With the $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 decentralized applications, making it one of the biggest crypto ecosystems.

Reporting by Richard Rohan Francis in Bengaluru; Editing by Vinay Dwivedi

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