One year after announcing the $100 million fund to boost the Binance Smart Chain (BSC) ecosystem, Binance has now announced the biggest funding program of its kind in the whole cryptocurrency industry – the $1 billion fund to push the adoption of, not only BSC, but the whole blockchain industry.
According to Binance, the program is ‘designed to boost the growth and innovation of projects and bolster the wider community and create a crypto-native pool of talent that will pave the future of crypto.’
BSC is one of the most popular and biggest crypto ecosystems out there with over 1 million daily active users spread across more than 900 dApps.
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SEE ALSO: Binance Reveals the Top Projects Within the BSC Ecosystem at the Binance Awards 2021 Event
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The $1 billion growth fund has been categorized into 4 different groups, each with its different challenges and goals as shown below:
Talent Development ($100 million)
The $100 million fund has been reserved for talent developent which includes:
- Mentoring developer communities
- Educating new crypto investors
- Providing academic sponsorships to universities
- Running boot camps
- Supporting R&D on cutting-edge blockchain innovations around cryptography
- Multi-party computing (MPC)
- High-perfomance consensus protocols
- Cross-chain & multi-chain infrastructure
- RegTech & Deep Analytics
etc.
Liquidity Incentive Program ($100 million)
This will run multiple programs to encourage participation from traditional financial markets and crypto that includes, but not limited, to:
- Provide liquidity rewards to specific protocols based on innovation, TVL, active users, or trading volumes
- Provide flexibility and support for professional traders and institutions to provide more liquidity in DeFi protocols.
This will be targeted to developing compliant relationships between investors and evolving emerging digital asset markets.
Builder & Incubation Program ($300 million)
The builder program will get a $30 million boost that will be utilized for various activities below:
- Conduct regional and global hackathons, white hacker bug bounty programs, running developer conferences, supporting existing mainstream development programs ($100 million)
- Expand the Most Valuable Builder (MVB) program and incubate 100 innovative dApps and infrastructure providing on top of BSC in mentorship and technical support ($200 million)
Investment Program ($500 million)
$500 million has been reserved to grow the following:
- Decentralized computing
- Gaming
- Metaverse
- Virtual reality
- Artificial intelligence
- Financial services
This fund will not be limited to BSC but will also target scaling blockchain technology for real-life use cases, including bridging the gap between crypto-blockchain and the current technical-financial sectors.
Binance hopes the $1 billion fund program will benefit all the participants in the crypto market, whether it be through creating new talent or building new businesses and projects.
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RECOMMENDED READING: Over 73, 000 Bitcoins are Now Locked on the Binance Smart Chain (BSC)
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