The world’s leading cryptocurrency exchange, Binance, has stepped up its effort to foster the growth of its blockchain network, the Binance Smart Chain (BSC). On Tuesday, the exchange announced a $1 billion growth fund to support more development of decentralized applications (dApps) and the overall developer community of the BSC network.
While speaking on this development, the CEO of Binance Changpeng Zhao noted:
“BSC’s growth has attracted 100 million more DeFi users with just initial funding of $100 million. With the new contribution of $1 billion, it can disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchain ecosystem with one billion users.”
Binance Will Invest in BSC Developers and Projects
The $1 billion growth fund will be segmented into four programs, according to the announcement. Firstly, $100 million of the fund will be directed towards mentoring developer communities and overall talent development programs to raise a generation of crypto-native professionals that will bootstrap the digital currency economy and overall adoption of crypto.
Binance is also reserving $100 million for the liquidity providers in order to encourage professional traders and institutions to continually provide liquidity to DeFi protocols based on the network. The exchange set out $300 million for the builder and incubation program, of which $100 million will be invested on hackathons, developer conferences, and bug bounty, while $200 million goes for dApps incubation
The rest of the fund ($500 million) will be solely invested in startups on the blockchain. This covers decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and financial services projects, according to the announcement.
BSC Adoption Set to Explode
Over a year ago, Binance had announced a $100 million growth fund for BSC, which has a significant impact on the network. There are now more than 900 dApps based on the Binance Smart Chain, with a combined active user count of +1 million. The CEO once stated that he wants up to 20,000 or more real and active projects on the network, and the $1 billion could be the opening move to that milestone.