Binance announced the launch of a $1 billion fund to develop educational programs, new projects and increase the liquidity of DeFi services on the Binance Smart Chain ecosystem.
The Binance blog states that the funds will be divided into four categories. The first category is aimed at developing talent, and $100 million will be reserved for it. It includes training for newcomers taking their first steps in the world of cryptocurrency, interacting with universities, conducting training, and supporting research and development in the field of blockchain, cryptography, and multilateral computing (MPC ). Binance executives said they intend to “nurture” a generation of cryptocurrency specialists who will accelerate the ubiquitous adoption of blockchain.
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The second program is focused on incentivizing liquidity providers that support Decentralized Finance (DeFi) protocols based on the Binance Smart Chain (BSC). The exchange is ready to contribute to the development of liquidity pools in automated market makers, lending, profitable farming, and profitable arbitrage trading. $100 million has also been allocated for this initiative.
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The third program “Builder & Incubation” is designed to support developers. $300 million has been allocated for this initiative, of which $100 million will be used to conduct hackathons at the regional and international level, reward white hackers for finding vulnerabilities, and organize developer conferences. The remaining $200 million will be used to implement the Most Valuable Builder (MVB) incubation program, in which about 100 decentralized applications based on BSC will be able to participate. They will be able to interact with Binance Smart Chain technicians and receive valuable guidance from them.
In addition, Binance presented an investment program worth $500 million. These funds will be used to develop decentralized computing, games, metaverse, virtual reality, artificial intelligence, and financial services, which will not be limited to BSC only but other networks will also be included in this investment program. The program aims to bring blockchain technology closer to the technical and financial industries.
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As a reminder, last year Binance launched a $100 million investment fund to develop DeFi projects based on the Binance Smart Chain blockchain.
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