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Home Crypto News Exchanges Binance Launches $1 Billion Fund to Develop Binance Smart Chain Ecosystem

Binance Launches $1 Billion Fund to Develop Binance Smart Chain Ecosystem

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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.

Read: Edward Snowden: Government Digital Coins (CBDCs) Are A Conspiracy Against Society, And Will Ransom Our Future



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.

Read: JPMorgan CEO Again Calls Bitcoin “Worthless”, Edward Snowden Respond

 

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.

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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.

Read: Texas Senator Ted Cruz Proposes To Use Natural Gas For Bitcoin Mining

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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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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