Binance announced a $1 billion fund for the development of Binance Smart Chain ecosystem, price doesn’t change

According to the announcement, Binance announced a $1 billion fund dedicated to further developing the Binance Smart Chain (BSC) ecosystem.

Binance announces $1 billion funds to propel Binance Smart Chain ecosystem

Soon aim to introduce the decentralized world of gaming, social networking, financial service, and more to the general masses to spread awareness around WEB 3.0. To address this, Binance announces the $1 billion fund – the most significant money for the program in the crypto industry. Maybe they want to push the adoption of not only BSC but the entire blockchain industry.

binance-announced-a-1-billion-fund-for-the-development-of-binance-smart-chain

Source: Binance

According to the official release, the program will be divided into four groups, each aimed at different goals and challenges.

  • $100 million Talent Development

First, according to Binance, $100 million are mentoring for Talent Development which includes mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps, etc.

“We want to raise a generation of crypto-native professionals that will spread across the industry and push blockchain adoption forward,” they stated.

  • $100 million Liquidity Incentive Program

The Liquidity Incentive initiative will run multiple programs to encourage participation from traditional financial markets and crypto. This will be targeted to developing compliant relationships between investors and evolving emerging digital asset markets. A total of $100M funds are reserved under the Liquidity Incentive initiatives.

  • $300 million Builder & Incubation Program

With $300 million, $100 million will be utilized to conduct regional and global hackathons, white hackers benefiting joint bug bounty programs, running developer conferences, and supporting existing mainstream development programs.

  • $500 million Investment Program

Ultimately, $500 million will be used to accelerate mainstream adoption and to bring disruption to financial infrastructures. 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.

binance-announced-a-1-billion-fund-for-the-development-of-binance-smart-chain

BNB/USD 4-hour chart | Source: TradingView

At the time of writing, Binance Coin (BNB) is changing hands at $429.2, and the price has not changed much in the last 24 hours.

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