Binance to Launch $1 Billion Fund to Grow its Smart Chain

Jafrin  |  Oct 13, 2021

Binance cryptocurrency exchange has announced a $1 billion accelerator fund to further expand the development of projects in the Binance Smart Chain ecosystem.

Binance Launches $1 Billion Fund for BSC Development

Binance is going to divide the new $1 billion fund into four different categories: $100 million for talent development, $100 million for the liquidity incentive program, $300 million for the builder program, and $500 million for the investment & incubation program.

The largest benefactor, the investment & incubation program will focus on multi-chain expansion which will include various metaverses, gaming, virtual reality, and artificial intelligence.

In the press release, Binance CEO Changpeng Zhao said:

“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.”

Launched in September 2020, Binance Smart Chain was introduced as a foundational launchpad to foster the development of decentralized applications compatible with the Ethereum blockchain through the Ethereum Virtual Machine.

At the time, Binance announced a $100 million BSC Accelerator Fund to support Dapps building on BSC and has gone on to seed-fund over 40 projects with up to $1 million. In addition, over 60 projects have been incubated under the company’s Most Valuable Builder (MVB) Accelerator Program.

BSC Boasts Over 1 Million Daily Active Users

Since its inception, Binance Smart Chain has grown in to expand services to over a million daily active users across a wide range of more than 900 decentralized applications (dApps).

Data from BscScan shows there are about 98.9 million unique addresses on BSC as of Oct. 10, with a daily transaction number of nearly 6.3 million. As a comparison, there were a total number of nearly 172 million unique addresses on Ethereum on the same day with about 1.1 million daily transactions based on data from Etherscan.

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