Binance, the world’s largest digital asset trading platform by transaction volume, has raised $ 1 billion to fund growth initiatives in the cryptocurrency ecosystem.
While the fund is intended to serve as a bigger addition to its previous growth initiatives, the trading company found that the new funds will be managed in four different categories, each with their own specific objectives.
The first category is known as the “$ 100 Million Talent Development Fund”. The fund’s goals will include building mentoring programs for the developer community, providing scholarships to universities, and training potential crypto investors. The second funding category is known as the “$ 100 million Liquidity Incentive Program” and is intended to bridge the gap between traditional financial markets and crypto.
Up to $ 300 million of the fund is earmarked for the Builder & Incubation program, which will help build the next generation of developers and programs that can help ensure the data integrity of the rapidly growing crypto ecosystem. The fourth category of funding will flow into investments in both Binance Smart Chain projects and others spanning the entire technology ecosystem, including AI, distributed computing, and gaming.
“With a total of $ 1 billion in funds available, this is the world’s largest crypto accelerator. The program is designed to encourage the growth and innovation of projects and empower the broader community and create a crypto-native talent pool that will pave the future of crypto, “the trading platform said, adding it hopes this program will benefit “. all participants in the crypto market, be it through the creation of new talent or the development of new companies and projects. ”
To unlock the future heralded by blockchain technology and its accompanying innovations, many venture capital firms are starting to allocate their funds to promote similar initiatives as Binance has just announced. In particular, funding for crypto startups hit their record high in the third quarter of 2021, a trend that will continue in the near future.
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