Binance invests USD 1 billion in its blockchain


Source: a screenshot, Instagram / binance

The major cryptocurrency exchange Binance claimed to have devoted more funds to the ecosystem growth of his blockchain from smart contract, Binance Smart Chain (BSC), this time promising to invest $ 1 billion.

According to the press release, the platform launched a fund for theadoption $ 1 billion cryptocurrency mass market for BSC, with the target from “accelerate the adoption of digital assets and blockchain technology “.

The fund will be split into four key initiatives, he further explained, which are:

  • Investments
  • Builder program
  • Talent Development
  • Liquidity Incentives.

According to Binance, of this money, 500 million dollars will be divided between the last three initiatives. The Builder program will receive $ 300 million while Liquidity Incentives And Talent Development they will receive $ 100 million each.

The other 500 million dollars should be reserved for investments, in order to “accelerate thetraditional adoption of decentralized financial infrastructuresAnd although BSC is not decentralized, the exchange said these funds should be used to make money grow the decentralized computing, gaming, metaverse, virtual reality, artificial intelligence (AI) and blockchain-based financial services.

Previously, the exchange had already invested $ 100 million to support decentralized finance (DeFi) on BSC in September last year.

Binance targets one billion users

According to Binance CEO Changpeng “CZ” Zhao, with this initial funding of $ 100 million, BSC’s growth has attracted over 100 million users. The CEO added that,

“With the additional contribution of 1 billion [USD] , BSC will be equipped to stop traditional finance and accelerate the global mass adoption of digital assets to become the first blockchain ecosystem with 1 billion users. “

However, he did not specify when it might happen.

According to BscScan, there are approximately 99.1 million unique addresses on BSC as of October 11 and 6.95 million transactions per day.

For comparison, we can look at Etherscan, which shows 172.2 million unique addresses on Ethereum (ETH) on the same date, as well as 1.19 million daily transactions.

According to DeFi Llama, BSC is right behind Ethereum when it comes to total locked value (TVL), but the difference between the first and second place is huge: Ethereum’s TVL is $ 140.35 billion, while that of Binance is $ 17.69 billion. The latter reached its all-time high of $ 32.26 billion in mid-May. For Ethereum, the ATH was USD 145.42, seen in early September.

Growth of BSC globally

Gwendolyn Regina, Investment Director, BSC Accelerator Fund said that “with the $ 1 billion initiative [USD], our focus will be expanded on building cross-chain and multi-chain infrastructures integrated with different types of blockchains. “” We are preparing to strengthen the adoption of cryptocurrencies and blockchains to accelerate its growth globally. “

Under this fund, BSC’s mentoring committee will help developer communities around the world reach new audiences, as well as provide academic scholarships to institutions and support research and development in emerging technologies. Furthermore, the press release states that “a total of 100 innovative dapps / infra buildings in addition to BSC will receive mentoring from top VCs along with funding opportunities”.

Meanwhile, the BSC community is also expected to organize regional and global hackathons, joint bug bounty programs, and developer conferences, with a focus on “blockchain-rich regions” such as Russia, India, Southeast Asia, Europe, the United States and South. America.

At 14:02 UTC, binance coin (BNB) was trading at 429 USD. It increased by 2% in 24 hours, while it remained unchanged in a week.

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