The Crypto craze is slowly taking over the world. The pandemic, for instance, has had a significant impact on the global economy. As a result, many people plunged into the digital market including Binance looking for investment plans.
This made developers keen to get new ideas to better their products and services, hence attracting the masses.
One of the largest Cryptocurrency exchange platforms, Binance, recently introduced a billion-dollar growth fund to support the BSC. This launch aims to speed up the acceptance of digital assets and blockchain technology.
According to Gwendolyn Regina, investment director of Binance Smart Chain Accelerator Fund, the billion-dollar initiative focuses on developing cross and multi-chain infrastructure amalgamated with various blockchain networks.
Five hundred million of the funds will go to financing projects in gaming, metaverse, VR, AI, among others. Thereafter, the platform will divide the remaining amount to a builder program, the development of talents, and also liquidity stimulus.
Regulators are eyeing this preeminent exchange platform because it has gained a huge trading volume in recent months. However, the CEO of Binance Chanpeng Zhao ‘CZ’ clarified that the exchange platform is working to address these concerns.
This is not the first time the platform is putting millions into a project. BSC launched in September last year, leading to the introduction of a new staking mechanism for the BNB coin.
Around this time, through Chanpeng Zhao, its CEO, the platform also said that it is investing one hundred million dollars into DeFi projects on the Binance Smart Chain Network.
With the recent billion-dollar investment, the company aims to become the first company with over a billion users.
What is Binance Smart Chain
Simply, Binance is a crypto exchange platform with more than a million active users trading daily. In other words, it is an Ethereum Virtual Machine compatible blockchain.
In addition, this Blockchain got built for smart contracts support. Binance Chain is parallel to the Binance Smart Chain. The two chains use Cross-Chain communication to pass information to and from one another.
Users of the platform are spread over more than nine hundred DApps. For this reason, the exchange platform is considerably one of the largest Crypto exchange platforms.
The Binance Smart Chain network uses the Proof of Staked Authority consensus mechanism and a five-second block with relatively low transaction fees.
Currently, the Binance Smart Chain Network has a Market capitalization of more than six million US dollars.
Conclusion
In summary, Binance is going after a Decentralized Finance system enabling Binance Smart Chain to access their Centralized Finance.
Additionally, the team dedicated the billion-dollar investment to 4 categories in the Ecosystem.
- Talent development (between investors and developers)
- Liquidity stimulus projects
- Tech support
- New programs
Finally, this leading Crypto Exchange platform invests millions of dollars into Decentralized Finance projects on the BSC Network.
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