The investments that this fund will be powering are also billed to span other tech niches including virtual reality and artificial intelligence amongst others.
Binance, the world’s largest trading platform has earmarked $1 billion as a fund to fast-track growth and the onboarding of 1 billion users into the digital currency ecosystem. As announced by the trading platform, the fund, which is a continuation of its initiatives to power growth in the nascent crypto world, is subdivided into 4 segments, each with a designated amount to support the core tenets of the program.
Binance Growth Fund Categories
The first category will feature a $100 million fund that is reserved for Talent Development. According to the exchange, this fund will be deployed in “mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps, and supporting R&D on cutting-edge blockchain innovations around cryptography, multi-party computing (MPC), high-performance consensus protocols, cross-chain & multi-chain infrastructure, RegTech & Deep Analytics, and more”.
The second category is a $100 million liquidity incentive program that will help foster participation from both traditional and crypto-based entities. Per the focus of this fund, Binance said “this will be targeted to developing compliant relationships between investors and evolving emerging digital asset markets.”
The third category is a much larger $300 million builder and incubation program that will be used in powering innovative “regional and global hackathons, white hackers benefiting joint bug bounty programs, running developer conferences, and supporting existing mainstream development programs.” These programs the $300 million funds will focus on are essentials for the proper operational efficiency of the digital currency ecosystem. All aspects particularly the white hackers and bug bounty programs are needed to make the ecosystem offerings resistant to attacks, a trend that seems to be growing with the advancing blockchain world.
The last category of the fund is a $500 million Investment Program designed to help facilitate the mainstream adoption of the digital currency world. However, the investments this fund will be powering are billed to span other tech niches including virtual reality and artificial intelligence amongst others.
“To accelerate mainstream adoption and to bring disruption to financial infrastructures, a total of $500M will be reserved,” the announcement reads, “This fund will be utilized to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and financial services, which will not be limited to BSC but also support all the blockchain infra.”
Scaling Blockchain Solutions
Blockchain technology is currently being utilized by millions of people all over the world, with solutions spanning digital currencies, supply chains, NFTs, and data verification amongst others. However, the entire Binance funding program will also seek to scale existing solutions in order to accommodate more people in line with the mainstream adoption drive of the industry.
“With collaborations from industry-leading organizations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors,” the exchange highlighted.
While the specific qualifications by target builders were not stated, the trading platform confirmed further news about the program will be shared in the near future.