The largest crypto exchange by trading volume, Binance, announced a $1 billion fund committed to continuing the development of the Binance Smart Chain (BSC) ecosystem.
According to Binance, the $1 billion funds will help further accelerate the development of projects in the Binance Smart Chain (BSC) ecosystem. In addition, Binance added that the $1 billion funds are devoted to pushing the adoption of not only BSC but the whole blockchain industry.
In the statement, the crypto exchange also said that the program will happen in 4 groups, each one of which aims at different goals and challenges.
Firstly, Binance put $100 million towards talent developments, including mentoring communities, educating new investors, running boot camps, providing academic scholarships to universities, and supporting R&D on cutting-edge blockchain innovations around cryptography, and so forth.
Secondly, the firm allocates $100 million to provide liquidity to specific protocols based on various metrics like innovation, TVL, provide flexibility, active users, trading volume, and support for professional traders and institutions to provide more liquidity in DeFi protocols and more.
Thirdly, Binance will put $300 million in a builder and incubation program. In the $300 million, the firm said $100 million will go to conduct regional and global hackathons, running developer conferences, white hackers benefiting joint bug bounty programs, and supporting existing mainstream development programs.
Lastly, $500 million will be used to grow decentralized computing, gaming, artificial intelligence, metaverse, virtual reality, and financial services, which will not be limited to BSC but also support all the blockchain infra.