Crypto exchange Binance launches $1 billion growth fund for its Binance Smart Chain

Binance wants to improve the projects on its smart contract blockchain.

Binance opens a $1 billion growth fund

Leading cryptocurrency exchange Binance announced earlier today that it had launched a $1 billion fund for growing the Binance Smart Chain (BSC) ecosystem. The fund would be used to improve various aspects of the ecosystem.

According to the crypto exchange, the fund will be divided into four categories: Talent development, liquidity incentive program, builder program, and investment and incubation program.

Binance said $500 million would be reserved for investments to help grow decentralized computing, gaming, metaverse, virtual reality (VR), artificial intelligence (AI) and blockchain-based financial services. Another $300 million has been assigned to the builder program while $100 million each for liquidity incentives and talent development.

Gwendolyn Regina, investment director of BSC Accelerator Fund, stated that

With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains.

BSC is competing with other leading smart contract blockchains

The Binance Smart Chain intends to boost its competition with other leading decentralized blockchains such as Ethereum, Cardano, Solana and Polkadot. Currently, the Binance Smart Chain has over one million daily active users spread across more than 900 decentralized applications.

Solana, Ethereum and Cardano have also been making changes to their ecosystems as the battle within the programmable blockchain space gets tougher.